FinMin Sells 20 Mln Euro in 7-Yr T-notes at 2.82% Yield

FinMin Sells 20 Mln Euro in 7-Yr T-notes at 2.82% Yield

Bulgaria's finance ministry sold 20 million euro ($25.9 million) in seven-year Treasury notes at an average weighted annual yield of 2.82%.

At the previous auction of government securities with the same maturity date held on February 11, the average annual yield fell to 2.42%.

On Monday, dealers placed bids for 59.18 million euro worth of T-notes, which resulted in a bid-to-cover ratio of 2.96, as the banks bought the bulk of the issue, amounting to 88.85%, the finance ministry said.

The average weighted price of the approved bids was 104.32 euro per 100 euro of par value. The maximum annual yield was 2.87% and the minimum yield was 2.74%, the Bulgarian National Bank, which auctions government securities on behalf of the finance ministry, said.

The issue, which bears an annual coupon of 3.50%, will mature in January 2020.

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