The Ministry of Finance reopened the 10.5yr BGN-denominated government securities (GS) maturing on 17 August 2031. BGN 500m of the securities was offered at the auction and total bids amounted to BGN 517.9m which corresponds to a bid-to-cover ratio of 1.04. The Ministry placed BGN 500m at a positive weighted average yield of 0.53% (+65 bps spread to the German Bunds). 85.4% of the issue was acquired by commercial banks, followed by insurance companies – 8.1 %, pension and guarantee funds – 4.8 %, investment intermediaries – 1.6 %, and other investors – 0.1%. Recall, that the previous auction for 10.5-year GS was in September 2021 and the Ministry of Finance managed to place BGN 300m at 0.20% yield.