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Nov 12, 2007 17:09 EEST
November 12 (SeeNews) - The average annual yield on a 30 million lev ($22.5 million/15.4 million euro) issue of 10-year fixed-rate Treasury notes auctioned on Monday rose to 4.83% from 4.54% at the previous auction held in September, Bulgaria's central bank said.
The issue was almost two times oversubscribed. Bids totalling 53.7 million levs were placed at an average price of 94.65 levs, the Bulgarian National Bank which auctions the government securities on behalf of the Finance Ministry, said in a statement.
The issue bears an annual interest rate of 4.25%, with coupon payments due semi-annually and the last payment due at maturity on January 10, 2017
Last week, dealers told SeeNews they expected that the auction would produce an average annual yield of between 4.65% to 4.70%.
The issue is the seventh batch of an up to 250 million levs issue of 10-year government securities to be offered by the Finance Ministry in 2007. The first batch of 35 million levs in par value was nearly four times oversubscribed, earning investors an average annual yield of 4.31%. The second one, with a par value of of 30 million levs, was more than four times oversubscribed, yielding 4.34%. The third, worth 30 million levs, was more than three times oversubscribed and produced an annual yield of 4.28% on average. The fourth batch of 25 million levs yielded an average 4.43% as the issue was nearly four times oversubscribed and the fifth batch, oversubscribed almost two times, produced an annual average yield of 4.54%.
Monday's auction produced a maximum offered yield of 5.14% and a minimum offered yield of 4.44%. The lowest accepted price was 94.05 levs and the highest accepted price was 99 levs. The weighted average price of the approved bids was 96.22 levs.
(1 euro = 1.95583 Bulgarian levs)
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