Results of the first auction of government bills

At the public auction held today, the Republic of Serbia issued government bills for the first time. Its key objective is to finance the Budget through the market, and the advantage of such a debt contraction of the Republic of Serbia lies in the transparency of the creditor selection process. Government bills issued today are of the 500 million total volume value, and 91 days maturity.

Government bills are to be used as a collateral in transactions at the inter-bank market, which would enable establishment of a monetary market that would offer liquid financial instruments and derivates to the banking sector. Auction participants submitted bids using the software created by the Central Registry of Securities for the Ministry of Finance and Economy.

Results of the today’s auction show realization of 13.73% average discount rate, and 9664,66 Dinars average discount price for one security.