Bulgaria's government will offer BGN 300mn (EUR 153.4mn) worth of one-year T-bills on Monday, September 2, according to the newly-released debt issue calendar of the finance ministry. During the same month the government will also auction two smaller issues - one for BGN 45mn worth of five-year bonds and another one for EUR 20mn in seven-year securities.
Bulgaria has accumulated BGN 1.54bn in new debt so far this year. Originally, the budget law set the limit on new debt accumulated in 2013 at BGN 2bn but the new government (in power since end-May) lifted the ceiling to BGN 3bn. The higher debt issuance is intended to accommodate the repayment of the bond worth BGN 800mn that the previous cabinet borrowed in February to give subsidies to agricultural producers. It will also be used to fulfil some of the government's election campaign promises without lowering the fiscal reserve to a level below the legal minimum of BGN 4.5bn.
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