Serbia's finance ministry sold out a EUR 50mn issue of two-year euro-denominated Treasury notes on June 6. The ministry sold 50,000 securities at an annual discount interest rate of 6.25%, up from 6.1% achieved at a similar auction in March, its Treasury department said in a statement. Demand totalled EUR 65.7mn. The securities bear an annual coupon of 5.75%, payable semi-annually, and mature on June 8, 2014. This was the ministry's third issue of short-term euro-denominated debt so far this year. In March, it sold out a EUR 50mn issue of two-year T-notes, yielding an annual 6.1%, as demand totalled EUR 58mn. In May, the ministry placed a EUR 100mn issue of 18-month euro-denominated T-notes, yielding 6.19%, after facing a demand for EUR 132mn. In February, it placed EUR 55.2mn worth of 53-week T-notes, or 46% of total on offer, at an annual discount rate of 5.95% as demand totalled EUR 94.5mn. Prior to February, Serbia last offered euro-denominated securities to investors on July 4, 2011, when it sold 99.83% of a EUR 150mn issue of 18-month T-notes at a discount, yielding 5.4%. Demand in the July 2011 auction totalled EUR 183.8mn. The ministry has said it plans to sell dinar-denominated debt paper worth a nominal RSD 52.9bn and euro-denominated securities of EUR 50mn in June. It placed RSD 20.75bn worth of short-term debt paper denominated in dinars in May, below its RSD 34.3bn target, and sold out a EUR 100mn of euro-denominated securities. |
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