Bulgaria placed BGN 200m of 6-year government bonds maturing on 15 May 2030 with a 3.25% semi-annual coupon. The total bids amounted to BGN 445.3m which corresponds to a bid-to-cover ratio of 2.23. The issue was placed at a weighted average yield of 3.35% (+93 bps spread to the German Bunds). According to the statement, 48% of the issue was acquired by commercial banks, 21% by insurance companies, and 13% by pension funds. Recall that the previous auction for government securities of similar duration (5.5-years in this case) was on 17 October 2022, when the Ministry of Finance placed BGN 180.6m of government securities and achieved a weighted average yield of 5.65% (+370 bps spread to the German Bunds) with a bid-to-cover ratio of 1.04. Note that in 2024, the limit on new debt has been set at BGN 11.7bn.