Bulgaria"s Ministry of Finance (MoF) on Monday auctioned BGN 93.11 million of ten-year fixed-rate Treasury bonds.

Initially, the ministry offered just BGN 45 million worth of bonds but decided to double the issue after dealers placed bids for BGN 115 million.

The BGN 45 million offering produced an average yield of 5.97%.

“Given the registered high level of investment demand, the condition and the development of the financial system in the country and at an international level, coupled with the MoF’s commitment to implement issue policy that is flexible and adequate to the financial situation, the Ministry has decided to approve bids with a combined face value of BGN 93.11 million, which corresponds to average yield of 6.10%,” the MoF said in a statement.

In end-June, the finance ministry sold BGN 45 million of ten-year Treasury bonds at a minimum offered price of BGN 90. However, in May it rejected all bids after it deemed the average yield of 7.04too high. Therefore the ministry set a minimum price, thus fixing the interest rate at which it was seeking financing. The ministry can reject all bids if it is not satisfied with any of them. However, May saw the first such rejection in the past years.