The Ministry of Finance did not approve subscription at the auction for 10.5-year government bond issue maturing on 4 October 2032 with nominal value of BGN 500m and 1.50% annual coupon, paid semi-annually. Bids for BGN 452.5m were admitted for participation, which corresponds to a bid-to-cover ratio of 0.90, with the average price of the admitted bids at 91.41 (2.43% yield). The Ministry of Finance, however, did not approve the subscription of the bond, taking into account the state of the budget and the available fiscal reserve, as well as the purpose for financing at an optimal possible price. Note that the previous auction for an issue of the same duration, held on 25 October achieved weighted average yield of 0.53% (+65 bps spread to the German Bunds) and the bid-to-cover ratio reached 1.04. In a separate announcement, the Ministry of Finance informed that another attempt to raise BGN 500m will be made on 11 April. However, this time the auction will be for 3.5-year government securities with 0.00% semi-annual coupon and maturity date 17 May 2025. Recall that the previous auction for government securities of the same duration was on 14 March 2022, when the Ministry of Finance placed BGN 500m at a positive weighted average yield of 0.55% (+81 bps spread to the German Bunds) and the bid-to-cover ratio reached 1.93.