Bulgaria Sells 18 Mln Euro in 2-yr T-notes, Yield Edges Up to 2.2%

Bulgaria Sells 18 Mln Euro in 2-yr T-notes, Yield Edges Up to 2.2%

Bulgaria's finance ministry said on Tuesday it sold two-year Treasury notes worth 35 million levs ($71.5 million/17.9 million euro) at an average annual yield of 2.2%.

The previous auction for this issue was held at the end of March when the average annual yield stood at 2.11%.

Dealers placed bids for 75 million levs worth of government securities, exceeding more than twice the proposed amount, the ministry said in a statement. The deal's coverage ratio reached 2.15%.

The average weighted price of the approved bids was 100.10 per 100.0 levs of par value, the Bulgarian central bank which auctions government securities on behalf of the finance ministry, said in a separate statement on its website. The maximum annual yield was 2.28% and the minimum yield stood at 2.13%.

The T-notes mature on February 8, 2014. This was the issue's third reopening so far this year.

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