Bulgaria placed BGN 200m of 5-year government bond issue at 0.11% negative yield

The Ministry of Finance opened a 5yr BGN-denominated government bond issue maturing on 15 January 2025. BGN 200m of the securities was offered at the auction and total bids amounted to BGN 497.3m which corresponds to a bid-to-cover ratio of 2.49. The Ministry placed BGN 200m at a negative weighted average yield of 0.11% (38 bps spread to the German Bunds). 64% of the issue was acquired by commercial banks, 26.5% - by insurance companies and 9.5% - by pension funds.