Bulgaria To Auction 15 Mln Levs in 3-Mo T-Bills Sept 7

Eighty-five percent of the offer will be set aside for price-competitive bids, with the rest earmarked for non-competitive bids, the central bank which auctions the government papers on behalf of the Finance Ministry, said in a statement.

Primary dealers can place up to 30 competitive bids in the auction. A single competitive bidder can buy up to 15% of the total par value on offer.

The T-bills will mature on December 9.

The previous three-month T-bills issue auctioned in June slightly oversubscribed and produced an average annual yield of 4.43%, down from 4.55% in the previous action held in March.

The Monday issue is the third batch of the combined 40-50 million levs of three-month treasury bills the minsitry plans to auction this year.

($ = 1.95583 Bulgarian levs)