Bulgaria placed BGN 300m of 7-year government securities maturing on January 29, 2032 with a 3.25% semi-annual coupon. The total bids amounted to BGN 495.4m, which corresponds to a bid-to-cover ratio of 1.65x. The issue was placed at a weighted average yield of 3.51% (+124 bps spread to German Bunds). As a result, the volume of the issue increased to BGN 800m. Recall that the Ministry of Finance already held three auctions of this issue for BGN 500m with a weighted average yield ranging from 3.31% to 3.47%.