Bulgaria sells EUR 204.5mn of 9-month T-bills

By bne IntelliNews January 28, 2014

Bulgaria sold BGN 400mn (EUR 204.5mn) worth of nine-month Treasury bills at an auction held on Monday, January 27, the central bank said. 

The average yield settled at 0.58% - just below the 0.60% return the Treasury achieved in the beginning of the month when it placed BGN 400mn worth of six-month T-bills. The Jan 27 auction lured BGN 843.4mn worth of orders, resulting in a coverage ratio of 2.11.

With the latest debt issue, the government executed its borrowing plan for the month. It borrowed a total of BGN 900mn, which will be used to pay agricultural producers early subsidies. The funds will later on be reimbursed by the European Commission.

The date of the next debt auction is set for February 3 when the government will offer for sale BGN 400mn of three-month Treasury bills.

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