October 24 (SeeNews) - Bulgaria raised on Monday 85 million levs ($51.5 million/43.5 million euro) through the sale of 7.5-year fixed-rate Treasury notes at a yield that was significantly lower than a month ago despite weaker demand.
The average accepted yield dropped to 0.42% from 0.69% achieved at the previous auction of government securities of the same issue held in September, data from the Bulgarian National Bank (BNB), published late on Monday, indicated.
Primary dealers placed orders worth 188.25 million levs, which corresponds to a bid-to-cover ratio of 2.21. Demand was 34% lower than a month ago.
The issue bears a coupon of 0.8%, payable semi-annually with the last one due at maturity on March 27, 2025 together with the principal.
The average weighted price of the bids in the auction was 102.78 levs for a par value of 100 levs, while that of the approved bids was 101.93 levs.
Details follow:
Auction date |
Oct 23 |
Sept 25 |
Amount offered (mln levs) |
85 |
85 |
Amount sold (mln levs) |
85 |
85 |
Total bids placed (mln levs) |
188.25 |
286.4 |
Bid-to-cover ratio |
2.21 |
3.37 |
Lowest yield |
0.37% |
0.57% |
Highest yield |
0.48% |
0.75% |
Average weighted yield |
0.42% |
0.69% |
source: BNB
(1 euro=1.95583 levs)