Bosnia's Serb Republic auctioned BAM 20.8mn ( EUR 10.6mn ) of six-month Treasury bills on the Banja Luka Stock Exchange on December 23 , the Republic's finance ministry said in a statement. The funds will guarantee the liquidity of the entity's budget after the disbursement of the sixth tranche under Bosnia's EUR 390mn deal with the IMF's was delayed as the country missed the December 9 deadline for the adoption of its state-level budget for 2014. Investors bought 2,100 securities maturing on June 24, 2014 . Strong demand (BAM 51.9mn or 250% of the amount on offer) helped cut the average annual yield to 2.08% from 3.22% achieved at the previous such auction held on September 26 . This was the twelfth issue of T-bills the Republic has auctioned so far after placing successfully four issues in 2011, four in 2012 (as a fifth issue offered for sale last year was unsuccessful) and four issues in 2013.
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