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Nov 21, 2007 14:09 EEST
November 21 (SeeNews) - Bulgaria's central bank said it will auction on Monday 30 million levs ($18.9 million/12.8 million euro) of five-year fixed-rate Treasury notes which dealers expect to yield an average of 4.4% to 4.5% annually.
"The issue will attract relatively low interest," one trader told SeeNews on Wednesday, adding that it would be oversubscribed twice.
The issue bears an annual interest rate of 4.0%, the Bulgarian National Bank (BNB), which auctions government securities on behalf of the Finance Ministry, said in a statement. The last payment is due at the maturity date on January 24, 2012.
Monday's issue will be the sixth batch of an up to 250 million lev issue of five-year T-bonds to be offered by the Finance Ministry in 2007. The first part, with 35 million levs in par value, was nearly three times oversubscribed, earning investors an average annual yield of 4.22%. The second tranche, of 30 million levs in par value, was more than three times oversubscribed, yielding 4.11%. The third batch, of 25 million levs, was more than three times oversubscribed and had a yield of 4.46%. The fourth batch worth 35 million levs produced a 4.66% average annual yield as the issue was almost three times oversubscribed. The fifth batch worth 25 million levs was almost three times oversubscribed producing an average annual yield of 4.57%.
Primary dealers can place up to 30 competitive bids at the auction, the central bank said.
(1 euro=1.95583 Bulgarian levs)
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