Yields on Albania’s 2-yr bonds drop at primary auction on healthy demand.

By bne IntelliNews September 20, 2013

The Albanian central bank sold ALL 2.5bn (EUR 17.8mn) in two-year fixed-rate government bonds at an auction on September 19, in line with the initial offer, the bank said on its website.

Investors submitted bids worth ALL 7.2bn. This corresponded to a strong 2.9 coverage ratio, up from 2.55 at the previous auction held a month ago, when the bank also sold the announced volume of ALL 3.5bn. The average yield at the latest auction declined further by 80bps to 4.67%.

The bank, which places state securities on behalf of the government, has sold ALL 33.2bn in two-year fixed-rate bonds since the beginning of 2013, while total lek-denominated bonds amounted to ALL 78.4bn.

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