site.btaFinance Ministry to Offer 3-Year Treasury Notes at February Auction

The Ministry of Finance will offer interest-bearing treasury bonds with a 3-year maturity and an annual interest rate of 2.75% at an auction scheduled for February 10, the Bulgarian National Bank said on its website on Tuesday.

The offered securities have a total nominal value of BGN 100 million.

These treasury notes are part of issuance No. BG 20 300 25 113, from which the Finance Ministry previously issued BGN 300 million in debt at the first auction of 2025, held on January 20.

The February 10 auction will be the third for 2025. So far this year, the Finance Ministry has raised a total of BGN 600 million, following the sale of 3-year treasury notes worth BGN 300 million and 7-year treasury notes of the same value.

The auction terms stipulate that primary dealers may submit competitive bids, either on their own behalf and for their own account or on behalf of clients.

Primary dealers may also place non-competitive bids on behalf of clients who are not banks or investment intermediaries, including entities based in other EU member states or third countries, the statement said.

A single participant may acquire a maximum of 50% of the total quantity offered through competitive bidding.

The allocation ratio between competitive and non-competitive bids is set at 50:50 of the total amount offered.

Participants should note that the Finance Ministry plans to offer additional quantities from issuance No. BG 20 300 25 113 starting January 22, 2025.

The Finance Ministry reserves the right to reject all or certain bids and to approve a different amount than initially announced, the statement said.