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Czech ministry plans to sell 5 bln crowns of retail bonds
May 18, 2014 / 1:10 PM / in 3 years

Czech ministry plans to sell 5 bln crowns of retail bonds

PRAGUE, May 18 (Reuters) - The Czech Finance Ministry will issue about 5 billion Czech crowns ($250 million) worth of government bonds to retail investors in its spring sale, Finance Minister Andrej Babis said on Sunday, significantly less than previous bond issues.

“The issue amounts to roughly 5 billion. Of course, there is a great interest,” Babis said on Prima television.

The Finance Ministry closed the books on its last issue of bonds for domestic retail investors in November 2013 with orders at 21.4 billion crowns.

It said on Friday it would offer three different maturities to investors when it launches its spring issue on Monday.

The ministry, which usually has spring and autumn bond sales, plans to issue 20 to 50 billion crowns worth of retail bonds in 2014, according to its state debt financing strategy, which was published before Babis took office.

The gross borrowing need for this year is expected to be 400 billion crowns.

To date, the state has issued retail bonds worth 87.6 billion crowns or 5 percent of the overall state debt.

$1 = 20.0138 Czech Crowns Reporting by Robert Muller; Editing by Sophie Hares

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