Retail investors snap up 929 mln euro worth of two Croatian T-bill issues

In the first round of subscription held during February 19 - 26, a total of 8,175 retail investors purchased three-month T-bills with a nominal value of 221.1 million euro, the finance ministry said in a statement late on Tuesday. Besides that, 29,943 retail investors subscribed and paid for one-year T-bills with a total nominal value of 708.3 million euro.

In the second round of subscription, held on February 27, the finance ministry accepted bids for 47.5 million euro worth of three-month T-bills submitted by institutional investors. Demand for that issue amounted to107.5 million euro.

The finance ministry also approved bids for one-year T-bills worth worth 50 million euro. Investor demand for that issue reached 255.9 million euro.

The nominal value of the T-bills of both issues is 1,000 euro apiece. The three-month government securities will mature on May 30, while the one-year issue matures on February 27, 2025.

The subscription price for the 91-day issue was set at 990.74 euro per T-bill for retail investors, equivalent to an annual yield of 3.75%. The subscription price for institutional investors was set at 990.86 euro, equal to an annual yield of 3.70%.

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 966.27 euro, equivalent to a yield of 3.50%.

It is the second issue of T-bills available for both retail and institutional investors in the Adriatic country. In November, the finance ministry's inaugural retail Treasury bill issue exceeded expectations, raising 969.7 million euro from individual investors, above the target of 440 million euro.

($ =924 euro)