The government issued €150 million worth of bonds with a maturity of six months and €250 million worth of those with a maturity of a year.

The average yield of a six-month bond was -0.44 percent, with that of 12-month bonds at -0.225 percent.

The Ministry of Finance told ERR that the issue was successful and there were more takers than bonds on offer.

The round came as part of a series the framework for which was put in place by the finance minister three years ago.

The framework provides the opportunity for the State Treasury Department to issue discounted (or premium) bills with maturity up to 12-months with pricing subject to market conditions at the time of issuance.

The maximum outstanding amount of Treasury Bills is limited to €2.5 billion.

There is no regular auction calendar; issuance of Treasury Bills will depend on the State Treasury's funding needs.

The previous issue of bonds took place in March of last year and concerned bonds with a maturity of 12 months and a negative yield of -0,44 percent.

The next issue of government bonds will likely take place in the first half of next year.

Bonds are registered with the Nasdaq CSD SE Estonian Depository, but these are not planned to be listed on the stock exchange. According to law the Information Memorandum is not registered at the Financial Supervision Authority.

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