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Ministry of Finance reopens issue of 5-year government securities at record low yield

11.02.2020

On 10 February 2020 the Ministry of Finance reopened an issue of 5-year BGN-denominated government securities (GS) placed on 15.01.2020 and maturing on 15.01.2025.

GS of an aggregate nominal value of BGN 200 million were offered successfully at the auction at a weighted average yield of -0.14%, which is record low for this maturity segment. The spread to the German Bunds with a similar residual maturity is 49 basis points.

The total subscribed amount reached BGN 341 million, which corresponds to a bid-to-cover ratio of 1.71. The participants were highly interested, with the biggest amount of GS acquired by banks – 69.5%, followed by pension and guarantee funds with 23.0%, insurance companies with 2.5%, and other investors with 5.0%.

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