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Romania's Finance Ministry gets lei 600m through six-month securities, at an average yield of 7.33%

The Public Finance Ministry (MFP) sold discount treasury certificates maturing in six months worth 600 million lei, for which it pays an average annual yield of 7.33 percent, lower compared to the previous bid, according to the central lender BNR.

Such a low yield was last paid by MFP on November 15 2007, when the ministry accepted a 7.27 percent yield at a ten-year bond emission.

The announced value of the bid was of 600 million lei. The maximum yield accepted stood at 7.35 percent a year. Banks' offers amounted to 2.89 billion lei.

At the similar bid on February 1, the Finance Ministry drew 399.98 million lei from the market, for which it pays an average yield of 7.78 percent a year.

The Public Finance Ministry aims to collect 3 billion lei through six state security emissions this month, 48 percent less than in January, as the International Monetary Fund (IMF) will unblock the two installments worth 2.3 billion euros within the external financial agreement in mid-February.

Last month, the ministry drew 5.77 billion lei, 44 percent more than initially planned. It plans to collect 10-12 billion lei from the local market in the first quarter. In 2009, MFP collected about 65 billion lei, up five-fold versus 2008.

The budget deficit target for 2010 is of 5.9 percent of the gross domestic product (GDP).

Sursa: http://www.newsin.ro

Tags: percent yield ministry month finance average billion mfp bnr