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Finance Ministry rejects all banks' offers for bond issue

The Public Finance Ministry (MFP) on Thursday rejected all buying offers submitted by commercial banks for a bond issue worth 500 million lei (1 euro= 4.23 lei), with a five-year maturity, according to the data of the National Bank of Romania (BNR).

The total offer of the banks stood at 770.75 million lei, but MFP considered as unacceptable the interest rate requested by banks.

The Treasury wants to borrow 4.7 billion lei from banks in September, through six T-bill and bond issues, according to the data released on the MFP website. The loans' programme is 700 million lei higher compared with the previous month and MFP will issue again securities with under one year maturities, namely with six and nine month maturities.

Since the beginning of the year, MFP borrowed from banks almost 37 billion lei and in 2010 it borrowed over 41 billion lei from the domestic market.

The budget deficit targeted for 2011 and agreed on within the financial package with the IMF and the European Union stands at 23.953 billion lei.

Sursa: http://www.actmedia.eu

Tags: issue banks mfp bnr euro

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