Bulgaria Buys Back 5-Yr T-notes Worth 15.9 Mln Euro in Switch Auction

Bulgaria Buys Back 5-Yr T-notes Worth 15.9 Mln Euro in Switch Auction

Bulgaria's finance ministry repurchased 31.1 million levs ($21.2 million/15.9 million euro) in five-year Treasury notes maturing early next year.

In exchange for the five-year issue which matures on January 24, 2012, the government offered ten-year settlement bonds maturing on January 4, 2016, the finance ministry said in a statement on Tuesday.

After the auction the five-year issue's volume in circulation decreased to 238.7 million levs, while that of the ten-year issue, excluding cash flow movement, increased to 201.1 million levs.

The average weighted buyback price for the five-year Treasury notes offered at the auction stood at 98.40 levs per 100 levs in par value, the central bank said in a separate statement. The price of the settlement bond was fixed at 100.45 levs apiece and its weighted annual yield was 0.88%, it added.

This is the government's second switch auction for the five-year Treasury notes issue in the past two months. The previous auction was held at the end of October when the government repurchased a total of 25.2 million levs in securities.


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