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Latvia sells 500 mln euros of 10-year bonds

Xinhua, September 17, 2015 Adjust font size:

Latvia issued 500 million euros (565 million U.S. dollars) worth of 10-year bonds on Wednesday, the Finance Ministry said.

Orders for the euro-denominated government securities, carrying a yield of 1.449 percent and a coupon of 1.375 percent, exceeded the supply by 1.6 times, the ministry informed.

Finance Minister Janis Reirs voiced satisfaction about the successful bond issue.

"As we were launching the government bonds in international markets, we secured for them the lowest rate achieved by Latvia yet. This could be achieved with strict fiscal discipline, which has been appreciated by foreign investors," he said.

"As a result of this bond issue, we will be able to reduce our debt service costs in the mid-term and to redirect budget money for other needs, such as education, healthcare and defence," Reirs added.

The investors buying the Latvian bonds were mostly from European countries, including Germany, Britain, Austria, Scandinavian and Baltic countries, as well as other regions.

The bond issue was arranged by British bank HSBC, French investment bank Natixis and Norwegian bank DNB.

Latvia launched two bond issues worth 2 billion euros in total in 2014. Endit