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Romania's Finance Ministry rejects banks' offers for three-year benchmark bonds on too high yields

Romania's Public Finance Ministry (MFP) turned down banks' offers for benchmark bonds maturing in three years, as the yield demanded was too high, the central lender BNR announced.

Banks' offers amounted to 429.3 million lei today.

MFP collected 166.45 million lei at the previous bid for three-year benchmark bonds on December 18 last year, at an annual average yield of 13 percent.

The ministry plans to get 5.4 billion lei through state securities this month, but the amount reached 3.826 billion lei after the first five bids. It sold state securities of 6.56 billion lei last month in six auctions, in its bid to finance and refinance the public debt.

The Finance Ministry is in need of cash after the country's general consolidated budget gap widened to 4.5 percent of the gross domestic product (GDP) at year-end, according to Romanian standards, and 5.21 percent of the GDP according to European standards.

 

Sursa: http://www.newsin.ro

Tags: finance ministry benchmark bonds three offers banks mfp bnr

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