Primary Market of Government Securities. Primary Market of Government Securities

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www.bnb.bg/fiscal services April June 2007 Primary Market of Government Securities Primary Market of Government Securities s, July August Auction date 09.07.2007 23.07.2007 06.08.

1 services April June 2007 Primary Market of Government Securities Primary Market of Government Securities s, July August Auction date Auctions of BGN-denominated Treasury Bills between April and June Treasury Treasury Treasury 3-month Government securities type bonds bonds bonds Payment date in BGN in BGN in BGN Maturity year 5-year 3-year Auction date Payment date Bids (BGNí000) Minimum price per BGN 100 nominal value Average price per BGN 100 nominal value Auctions of BGN-denominated Treasury Bonds between April and June 3-year 10-year 5-year 3-year Interest coupon date Maturity Auction date Payment date Bids received (BGNí000) Bids (BGNí000) Minimum price per BGN 100 nominal value Average price per BGN 100 nominal value Auctions for Sale of Five-year Treasury Bonds Auctions for Sale of Three-month Treasury Bills Investment in Target Government Securities Earmarked for Sale to Individuals Note: Lev equivalent of EUR-denominated government securities issues is based on BGN/EUR exchange rate of the BNB. Debt structure Central Government Securities Debt d in Domestic Market (nominal value in BGNí000) Debt on government securities issued for budget deficit financing total including target bonds earmarked for individuals Debt on government securities issued for structural reform Debt amount June Note: Lev equivalent of government securities denominated in foreign currency is based on BNB exchange rate quoted for the last business day of corresponding period.

2 Secondary Market of Government Securities Government Securities Traded in Domestic Market, Circulating as of 30 June 2007 number Currency Total volume of the issue Interest Pending (nominal value) rate interest payment BG BGN BG BGN BG BGN BG BGN BG BGN BG BGN BG BGN BG BGN BG BGN BG BGN BG BGN BG BGN BG * BGN BG BGN BG * EUR lev equivalent BG BGN BIR BG BGN BG BGN BG * BGN BG BGN BG BGN BG BGN BG BGN BG BGN BG BGN BG * BGN BG BGN BIR BG BGN BIR BG * EUR lev equivalent BG BGN BIR BG USD LIBOR lev equivalent BG EUR EURIBOR lev equivalent in BGN, total *Tap issue. Total volume was not entirely sold. Note: Lev equivalent of government securities denominated in foreign currency is based on BNB exchange rate of foreign currencies against the Bulgarian lev quoted on 29 June Government Securities in Foreign Markets as of 30 June 2007 Volume and Structure of Frozen Government Securities Interest Maturity Next of Nominal value of the debt Government securities rate date interest interest payments equivalent in million payment in the year EUR BGN USD No. XS global bonds in EUR (EUR million) No. XS global bonds in USD (USD million) TOTAL Note: USD and BGN equivalent is based on BNB exchange rate of foreign currencies against the Bulgarian lev quoted on 29 June Note: Lev equivalent of government securities denominated in foreign currency is based on BNB exchange rate quoted for the last business day of corresponding period. 2

3 Secondary Market of Government Securities Volume of Transactions in Tradeable Government Securities Term Structure of Transactions in Government Securities Interbank Market Notes: 1. Repo agreements include reverse repo agreements and those concluded during the current day. 2. Transactions in government securities denominated in foreign currency are in BGN at BNB exchange rate of the respective currency on the day of transaction. Notes:1. Transactions in government securities denominated in foreign currency are in BGN at BNB exchange rate quoted for the last business day of corresponding period. 2. Repo agreements do not include reverse repos. Volume of Transactions in Government Securities d for Budget Deficit Financing in June 2007 Holders of Government Securities d for Budget Deficit Financing as of 30 June 2007 Note: Transactions in government securities denominated in foreign currency are in BGN at BNB exchange rate of the respective currency on the day of transaction. Notes: 1. Including frozen government securities. 2. Including target issues earmarked for individuals. 3. Preliminary data of the BNB and government securities primary dealers. 4. The lev equivalent of government securities denominated in foreign currency is based on BNB exchange rate of foreign currencies against the Bulgarian lev quoted on 29 June Volume of Transactions in Government Securities Denominated in Foreign Currency and d for Structural Reform in June 2007 Holders of Government Securities Denominated in Foreign Currency and d for Structural Reform as of 30 June 2007 Note: Transactions in government securities denominated in foreign currency are in BGN at BNB exchange rate of the respective currency on the day of transaction. Notes: 1. Including frozen government securities. 2. The lev equivalent is based on BNB exchange rate quoted on 29 June Preliminary data of the BNB and government securities primary dealers. 3

4 Secondary Market of Government Securities Volume of Government Securities Transactions in the Secondary Market and Securities Transactions in the Bulgarian Stock Exchange and Over-the-counter Market Date Transactions between primary dealers Transactions in securities Transactions between primary Privatisation Transactions in government June Repo agreements Outright sales dealers and their customers transactions securities, total Bulgarian Stock Exchange Over-the-counter market Total Total Average volume of government securities transactions* * Volume calculated on the basis of 28 operating primary dealers. Notes: 1. The volume of repo agreements includes reverse repo agreements and repo agreements concluded during the current day. 2. Transfer transactions of government securities to the MF account used as legal tender in privatisation are considered to be privatisation transactions. 3. Transactions in government securities denominated in foreign currency are in levs at the BNB exchange rate of the respective currency on the day of transaction. 4. Banking Department data on the volume of transactions (at market value) in the Bulgarian Stock Exchange and over-the-counter market. Yield on Repo Agreements in Government Securities and Interest Rate on Interbank Deposits on a Monthly Basis (June) 4

5 Secondary Market of Government Securities Government Securities in Foreign Investor Portfolio Notes:1. Lev equivalent of government securities denominated in foreign currency is based on BNB exchange rate quoted for the last business day of corresponding period. 2. BNB data until 15 May 2006; following this date, data submitted by primary dealers in government securities. Bid and Offer Quotations of USD-denominated Government Securities d under ZUNK Bid and Offer Quotations of Bulgarian EUR-denominated Global Bonds Source: Reuters. Source: Reuters. Bid and Offer Quotations of Bulgarian USD-denominated Global Bonds Yield on Ten-year Eurobonds Source: Reuters. Source: Reuters. 5

6 Government Securities Primary Dealers L I S T of Financial Institutions Approved by the Minister of Finance and the Governor of the Bulgarian National Bank to Act as Government Securities Primary Dealers between 1 January and 31 October 2007 RÂuters page of Financial institution government securities quotations Website 1. ALLIANZ BULGARIA BGIN BNP PARIBAS S.A. SOFIA BRANCH BSBD BULGARIAN POST BANK BPBB CENTRAL COOPERATIVE BANK SCCB CITIBANK N.A. SOFIA BRANCH CSOF CORPORATE COMMERCE BANK BGIB D COMMERCE BANK DBBG DSK BANK SSBG ECONOMIC AND INVESTMENT BANK RIBB FIRST INVESTMENT BANK BFIB ING BANK N.V. SOFIA BRANCH INBS INTERNATIONAL ASSET BANK EIBG INVESTBANK OBBG MKB UNIONBANK UNBS MUNICIPAL BANK SMBK PURAEUS BANK BULGARIA EBSF RAIFFEISENBANK (BULGARIA) RBBS SOCIETE GENERALE EXPRESSBANK VARNA EBVB TOKUDA BANK CRED UNICREDIT BULBANK BGTB UNITED BULGARIAN BANK UBBB BULBROKERS BULB EUROFINANCE EUFI INVESTMENT INTERMEDIARY ELANA TRADING ELAN Non-primary Dealers of Government Securities with Registers at the BNB under Article 2, Paragraph 8 of Ordinance No. 5 of the MF and the BNB ENCOURAGEMENT BANK TEXIM PRIVATE ENTREPRENEURIAL BANK SUMMARISED QUOTATION PAGES BGTSY= BGZYNK= BGTSYM= Bulgarian National Bank, 2007, Fiscal Services Department 1 Knyaz Alexander I Square, 1000 Sofia Telephone: ; Fax: , Computer Typeset: Publications Division of the BNB Printed by BNB Printing Centre This issue includes materials and data received up to 18 July The contents of the Government Securities Market Quarterly Bulletin may be quoted or reproduced without further permission. Due acknowledgment is requested.

7 TREASURY BILLS ISSUED IN BGN number date by the MF Primary Market of Government Securities GOVERNMENT SECURITIES SOLD AT THE AUCTIONS, CIRCULATING AS OF 30 JUNE 2007 Nominal value Price per BGN 100 nominal value Average yield to Amount Discount Average price Minimum Maximum Average admitted actually transferred of price of price of to Average effective annual yield BG Three-year issues, total Short-term government securities, total (payment date) Note: Yield on treasury bonds is calculated according to the methodology applied by the MF and the interest convention ( / ) adopted as of 1 January

8 Primary Market of Government Securities TREASURY BONDS ISSUED IN BGN number/ date Payment date by the MF Nominal value admitted to Amount actually transferred Discount Premium Average price of admitted to Price per BGN 100 nominal value Minimum Maximum Average Annual interest rate *BG / First opening Second opening Third opening Fourth opening Fifth opening Six opening *BG / First opening Second opening Third opening Fourth opening **BG / First opening Second opening Third opening Three-year issues, total * Tap issue. ** Tap issue. Total volume was not entirely sold. Note: Yield on treasury bonds is calculated according to the methodology applied by the MF and the interest convention ( / ) adopted as of 1 January 2001: the Yield function built into ÃICROSOFT EXCEL for government securities issued prior to 22 November 2004 and the ISMA International Yield formula for government securities issued after 22 November

9 Primary Market of Government Securities TREASURY BONDS ISSUED IN BGN number/ date Payment date by the MF Nominal value admitted to Amount actually transferred Discount Premium Average price of admitted to Price per BGN 100 nominal value Minimum Maximum Average Annual interest rate *BG / First opening Second opening Third opening Fourth opening *BG / Fifth opening Sixth opening Seven opening *BG / First opening Second opening Third opening Fourth opening Fifth opening *BG / First opening Second opening Third opening Fourth opening Fifth opening * Tap issue. Note: Yield on treasury bonds is calculated according to the methodology applied by the MF and the interest convention ( / ) adopted as of 1 January 2001: the Yield function built into ÃICROSOFT EXCEL for government securities issued prior to 22 November 2004 and the ISMA International Yield formula for government securities issued after 22 November

10 TREASURY BONDS ISSUED IN BGN number/ date Payment date by the MF Primary Market of Government Securities Nominal value admitted to Amount actually transferred Discount Premium Average price of Price per BGN 100 nominal value Minimum Maximum Average Annual interest rate *BG / First opening Second opening Third opening Fourth opening *BG / First opening Second opening IThird opening Fourth opening **BG / First opening Second opening IThird opening Five-year issues, total Medium-term government securities, total * Tap issue. ** Tap issue. Total volume was not entirely sold. Note: Yield on treasury bonds is calculated according to the methodology applied by the MF and the interest convention ( / ) adopted as of 1 January 2001: the Yield function built into ÃICROSOFT EXCEL for government securities issued prior to 22 November 2004 and the ISMA International Yield formula for government securities issued after 22 November

11 TREASURY BONDS ISSUED IN BGN number/ date Payment date by the MF Primary Market of Government Securities Nominal value admitted to Amount actually transferred * Tap issue. Note: Yield on treasury bonds is calculated according to the methodology applied by the MF and the interest convention ( / ) adopted as of 1 January 2001: the Yield function built into ÃICROSOFT EXCEL for government securities issued prior to 22 November 2004 and the ISMA International Yield formula for government securities issued after 22 November Discount Premium Average price of Price per BGN 100 nominal value Minimum Maximum Average Annual interest rate *BG / First opening Second opening *BG / First opening Second opening *BG / First opening Second opening Third opening Fourth opening *BG / First opening Second opening Third opening Fourth opening Fifth opening *BG / First opening Second opening Third opening Fourth opening Seven years issues, total

12 Primary Market of Government Securities TREASURY BONDS ISSUED IN BGN number/ date Payment date by the MF Nominal value admitted to Amount actually transferred Discount Premium Average price of admitted to Price per BGN 100 nominal value Minimum Maximum Average Annual interest rate *BG / First opening Second opening Third opening Seven-year and three month issues, total *BG / First opening Second opening Third opening Fourth opening *BG / First opening Second opening *BG / First opening Second opening *BG / First opening Second opening Third opening Fourth opening * Tap issue. Note: Yield on treasury bonds is calculated according to the methodology applied by the MF and the interest convention ( / ) adopted as of 1 January 2001: the Yield function built into ÃICROSOFT EXCEL for government securities issued prior to 22 November 2004 and the ISMA International Yield formula for government securities issued after 22 November

13 Primary Market of Government Securities TREASURY BONDS ISSUED IN BGN number/ date Payment date by the MF Nominal value admitted to Amount actually transferred 7 Discount Premium Average price of admitted to Price per BGN 100 nominal value Minimum Maximum Average Annual interest rate *BG / First opening Second opening Third opening Fourth opening Fifth opening Sixth opening *BG / First opening Second opening Third opening Fourth opening Fifth opening **BG / First opening Second opening Third opening Fourth opening Ten-year issues, total Long-term government securities, total Government securities sold at auctions in BGN, total * Tap issue. ** Tap issue. Total volume was not entirely sold. Note: Yield on treasury bonds is calculated according to the methodology applied by the MF and the interest convention ( / ) adopted as of 1 January 2001: the Yield function built into ÃICROSOFT EXCEL for government securities issued prior to 22 November 2004 and the ISMA International Yield formula for government securities issued after 22 November 2004.

14 Primary Market of Government Securities TREASURY BONDS ISSUED IN EUR number/ date Payment date by the MF Nominal value (EUR) admitted to Amount actually transferred (EUR) Discount (EUR) Premium (EUR) Average price of Price per EUR 100 nominal value (EUR) Minimum Maximum Average Annual interest rate **BG / First opening Second opening Seven years and three months issues, total **BG / First opening Second opening Third opening Fourth opening Fourteen years and eleven months issues, total Long-term government securities, total Government securities sold at auctions in EUR, total ** Tap issue. Total volume was not entirely sold. Note: Yield on treasury bonds is calculated according to the methodology applied by the MF and the interest convention ( / ) adopted as of 1 January 2001: the Yield function built into ÃICROSOFT EXCEL for government securities issued prior to 22 November 2004 and the ISMA International Yield formula for government securities issued after 22 November

15 Information In line with the application of Directive 2004/39/EC on Markets in Financial Instruments (MiFID) to Bulgarian legislation, the National Assembly of the Republic of Bulgaria adopted the Law on Markets in Financial Instruments, published in the Darjaven Vestnik, issue 52 of 29 June 2007, in force as of 1 November By virtue of ß 23 of the Transitional and Final Provisions of the Law on Markets in Financial Instruments, amendments were made to the Law on the Government Debt (Articles 35 and 36) providing for clear differentiation in the functions of participants in the BNB system for government securities registering and settlement, government securities primary dealers and government securities subdepositaries. In accordance with this, the respective amendments in the statutory framework regulating government securities market (Ordinances Nos. 5 and 15 of the MF and the BNB, and Ordinance No. 31 of the BNB) are being prepared. With a view to the forthcoming changes resulting from the June 2007 selection, government securities primary dealers were by the Minister of Finance and the Governor of the Bulgarian National Bank for a term until 31 October 2007.

Government Securities Market

Government Securities Market BULGARIAN NATIONAL BANK www.bnb.bg/fiscal services June 22 Primary Market of Government Securities ISSUES IN JULY Auction date 1.7.22 8.7.22 15.7.22 Treasury Treasury Treasury