Yields Rise on Bulgarian 3-mo T-Bills, Issue Oversubscribed

The 15-million lev ($10.8 million/7.7 million euro) issue yielded an average annual 4.16%, up from 4.08%, in the previous auction held in April, the Bulgarian National Bank (BNB) said in a statement. The BNB auctions government securities on behalf of the Finance Ministry.

Dealers polled by SeeNews last week estimated the auction would produce an average annual yield of between 4.6% and 4.8%.

The issue was three times oversubscribed as bids worth 45.8 million levs were placed at an average price of 98.86% of par of 100 levs.

The auction produced a maximum offered annual yield of 4.32% and a minimum offered yield of 3.71%. The highest accepted price was 99.07 levs and the lowest was 98.92 levs. The weighted average price of the approved bids was 98.96 levs.

(1 euro = 1.95583 Bulgarian levs)