Croatia raises 803 mln euro through sale of T-bills to retail investors

In the first round, from May 27 to June 3, a total of 7,914 retail investors purchased three-month Treasury bills with a nominal value of 243 million euro, the finance ministry said in a statement on Tuesday. Also, 23,316 retail investors subscribed and paid for one-year Treasury bills with a total nominal value of 582.8 million euro.

In the second round on June 4, the finance ministry accepted bids for 40 million euro worth of three-month government securities submitted by institutional investors. Demand for the issue amounted to 43.1 million euro.

The finance ministry also approved bids for one-year Treasury bills worth worth 158 million euro. Investor demand reached 1.043 billion euro.

The nominal value of the Treasury bills of both issues is 1,000 euro apiece. The three-month government securities will mature on September 5, while the one-year issue matures on June 5, 2025.

The subscription price for the 91-day issue was set at 990.74 euro for retail investors, equivalent to an annual yield of 3.75%. The subscription price for institutional investors was set at 990.98 euro, equal to an annual yield of 3.65%.

The subscription retail price of the one-year issue was 964.88 euro, corresponding to an annual yield of 3.65%. The subscription price of the 364-day issue for institutional investors was 966.84 euro, equivalent to a yield of 3.44%.

This is the third issue of Treasury bills available for both retail and institutional investors in the Adriatic country. In February, the finance ministry's retail Treasury bill issue exceeded expectations, raising 929 million euro from individual investors.

($ = 0.920 euro)