In Q3 2011, demand on short term government securities declined, while that on goverment bonds usually increased. Average bid-to-cover ratios on the auctions of short term instruments in the period were between 2.1 and 2.6, while there was a more significant coverage of bonds between 3.2 and 3.5 (except for the one auction of the 15-year bond which had poor cover ratio). Bid-to-cover ratios of the T-Bills, the 5 and 15-year bonds fell remarkably, of three-month T-Bills slightly, while that of the rest of bonds increased significantly.

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(Ministry for National Economy)