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Oct 17, 2007 15:44 EEST
October 17 (SeeNews) - Bulgaria's central bank will auction 30 million levs ($21.7 million/15.3 million euro) of three-year fixed-rate Treasury notes on October 22, the bank said.
"I expect a not very high interest in the issue, an oversubsription of about two times the offer and an yield in the range of 4.55-4.60%," one dealer told SeeNews.
The issue bears an annual interest rate of 3.8% with coupon payments due semi-annually until maturity on February 7, 2010, the Bulgarian National Bank (BNB), which auctions government securities on behalf of the Finance Ministry, said in a statement.
The issue is the fifth and final batch of a planned up to 150 million levs issue of two-year and three-year government securities the Finance Ministry is offering this year.
The first part of 35 million levs, auctioned in February, was more than three times oversubscribed, earning investors an average annual yield of 4.14%. The second batch of 35 million levs, offered in April, yielded 4.26%. The third part of 20 million levs, offered in June, was nearly four times oversubscribed, with an average annual yield of 4.54%. The fourth batch, worth 30 million levs, was more than twice oversubscribed and yielded an avarage 4.52%.
Primary dealers are not allowed to place more than 30 competitive bids in the auction.
(1 euro = 1.95583 Bulgarian levs)
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