Bulgaria placed EUR 150m of 2-year government securities maturing on January 21, 2028 with a 2.25% semi-annual coupon. The total bids amounted to EUR 240.2m, which corresponds to a bid-to-cover ratio of 1.6x. The issue was placed at a weighted average yield of 2.82% (+23 bps spread to German Bunds). Recall that the last auction for the same issue, held on 23 February, resulted in a weighted average yield of 2.37%.