Serbia sold RSD 3.3bn (EUR 29.3mn) worth of 24-month Treasury bonds at a July 2 auction, the finance ministry said.
Weak demand (RSD 4bn or 39.97% of the amount on offer) lifted the annual yield-to-maturity to 10.48% from 9.89% achieved at the previous such auction held on May 14. The papers hold a 10% annual coupon. The newly sold securities mature on July 4, 2015.
Foreign investors demand for Serb government securities has weakened after both the IMF and the independent fiscal council warned in mid-May the 2013 budget gap will considerably exceed the official target of 3.6% of GDP.
In June, the Treasury sold RSD 7.1bn (EUR 62mn) of dinar-denominated debt paper or only 31% of the monthly target and euro-denominated securities worth EUR 64mn (51% of the target).
Serbia plans to sell dinar-denominated debt paper worth a nominal RSD 28bn (EUR 246mn) and euro-denominated securities worth EUR 50mn in July 2013.
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