Market "embraces" 20-year bonds - The last auction brought high interest from investors. Demand exceeds supply
The Ministry of Finance has held the first auction of 20-year bonds this year, marking high market interest in the longest-term Albanian public debt instrument. The amount announced for the auction was 1.5 billion lek, while total investor demand reached 2.91 billion lek.
The coverage ratio rose to 1.94 times, a clear indication of strong market confidence and interest in these instruments. All categories of investors participated in the auction: the banking system, individuals, pension funds and investment funds, reflecting a broad demand base.
The interest rate for the 20-year bonds in this auction was set at 6.72%. This instrument was first issued in January 2025 and has since gradually consolidated in the domestic government securities market.
During 2025, the Ministry of Finance took several steps to test and expand this instrument. For the first time, at the end of January last year, the “Market Testing – 20-year Bonds (new issue)” auction was held, followed in March by a market testing for their reopening. Then, in June, the first official issuance of 20-year bonds was carried out, while in September their reopening took place. Other reopenings are foreseen during 2026, making this instrument a sustainable part of the debt management strategy.
According to the Ministry of Finance, the 20-year bonds are the longest-term debt instruments issued by the Albanian government to date. They offer a suitable alternative, especially for institutional investors, such as private pension funds and investment funds, which have long-term investment horizons and require stability in returns.
The high interest shown in the first auction of this year signals not only market confidence in these instruments, but also a trend towards the maturation of the domestic financial market and the expansion of the spectrum of public debt products.
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