Profits from 12-month bonds, at the highest level of the year - Although the yield increased to 2.67%, investor demand was lower
Profits from investing in 12-month treasury bills have marked a slight increase in the latest auction held by the Ministry of Finance. In the latest auction, the weighted average yield received reached 2.67%, up from 2.59% in the previous auction in June.
This turns out to be the highest interest rate since the beginning of the year.
However, the interest rate continues to fluctuate near the Bank of Albania's base interest rate, which currently stands at 2.50%.
Unlike previous auctions, this time the demand from investors was lower than the amount the government intended to borrow. Specifically, the Ministry of Finance had announced 8 billion lek for financing, while the value of the requests submitted in the auction amounted to around 5.55 billion lek.
As a result, the entire amount requested by investors was accepted, but the government failed to secure the entire planned amount. The auction coverage ratio resulted in 0.69, indicating that for every 100 lek announced for financing, investors offered only 69 lek.
The data also shows that the maximum yield requested by investors reached 2.84%, while the minimum yield requested was 2.55%. This indicates that participants in the auction have requested somewhat higher interest rates compared to previous auctions.
12-month treasury bills are considered among the safest investment instruments in the domestic market, as they are guaranteed by the state. Yield represents the profit that the investor realizes from holding the bond until maturity and in the case of 12-month bonds this profit is created by the difference between the purchase price and the value that the investor receives at the end of the one-year term.
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