Finance Ministry Halts Buy-back of 2003 Government Bonds

The Finance Ministry denied all orders at an auction for buy-back of 10-year government bonds as of 2003, the Ministry said on Tuesday. The purpose is to improve partially the debt repayment profile and reduce interest expenditures for the 2011-2013 period.

The prices within the orders, submitted at the auction, exceeded the publicly-announced current selling prices maintained by the same institutions at the Bloomberg and Reuters information systems. There was a difference between the selling prices and the actual prices, at which the participants in the market were planning to sign deals, due to which the Finance Ministry suspended the government bond buy-back operation. Besides, the issuer estimated that the condition and the potential of the public finances ensure a possibility for smooth servicing of the public debt, which is one of the lowest in the EU.

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