September 20 (SeeNews) - Bulgaria raised 200 million levs ($102.3 million/102.25 million euro) from the sale of ten-and-a-half year Treasury bonds at an average weighted annual yield of 3.01%, the finance ministry said on Tuesday.
The bid-to-cover ratio in the auction was 1.51, with investors subscribing for 301.05 million levs worth of T-bonds, the finance ministry said in a press release.
"The yield spread over the analogous German Bunds is 147 basis points," the finance ministry added. The Bunds refer to German fixed-interest, euro-denominated government debt securities with a tenor of 10 years or more.
The majority, or 61.2%, of the T-bonds were acquired by banks, guarantee funds bought 16.0% of the issuance, followed by pension funds (10.0%), insurance companies (6.0%), investment intermediaries (1.8%) and other investors (5.0%).
Bulgaria reopened on Monday the Treasury bond issue, which carries an annual coupon of 2.25% and will mature on July 27, 2026.
In June, Fitch Ratings reaffirmed Bulgaria's long-term foreign-currency issuer default rating (IDR) at 'BBB' with a positive outlook.
(1 euro = 1.95583 levs)