March 7 (SeeNews) - North Macedonia's finance ministry completed an auction for the issuance of a Eurobond worth 500 million euro ($533.9 million), less than initially planned, weeks after a government reshuffle halted the procedure for issuing the government security.
The Eurobond bears annual interest of 6.96%, the finance ministry said in a statement on Monday.
The issue attracted bids worth over 2 billion euro in the auction which took place on March 6.
The raised funds will be used to cover old debt due for repayment this year. Additional 100 million euro for debt repayment will be used from the instrument of macro-financial support provided by the European Commission at an interest rate of about 3%, the finance ministry said.
North Macedonia launched an auction for a 600 million euro Eurobond in early February, but had to stop the issuance process due to a government reshuffle.
($ = 0.936456 euro)