Ministry of Finance Does Not Approve Subscription of Auction for Sale of 5-Year GS
On 27 April 2020 the Ministry of Finance held an auction for the sale of 5-year BGN-denominated government securities (GS) with a volume of BGN 200 million maturing on 15 January 2025. The market participants submitted bids of an aggregate nominal value of BGN 263.3 million, with a bid-to-cover ratio of 1.32 having been reached.
The Ministry of Finance did not approve the subscription, taking account of the status of the fisc and the available fiscal reserve, as well as the purpose of financing at an optimal price.
The Ministry of Finance will continue its balanced and flexible policy of government debt management, with debt being one of the lowest ones across the EU, by taking account of both the market status and the need to secure diversified sources of financing.