November 16 (SeeNews) - Montenegro sold below target 80.4 million euro ($86.2 million) combined in a two-day auction of four-year Treasury bonds, as supply exceeded demand, the country's bourse said.
The government bonds carry a fixed annual coupon of 4%.
Bids received on Monday and Tuesday totalled 80.4 million euro, below the 100 million euro target, the Montenegro stock exchange said in a filing on Tuesday.
The bonds will mature on November 15, 2020.
The government bonds were sold through four brokerage houses and three banks, a spokesperson for the bourse said a day earlier. According to unofficial information, the buyers were mainly commercial banks, insurance companies, investors from the region, and a number of Montenegrin citizens.
The proceeds of the T-bond issue will be used to finance Montenegro's budget deficit.
($=0.933186 euro)