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Romanian state borrows over EUR 22 mn from commercial banks

The Public Finances Ministry on Thursday borrowed more than 22 million euros /98.39 million lei/ from the commercial banks by a benchmark bond issue with 10-year maturity put to tender via the National Bank of Romania.

The securities mature in June 2021; the average yield at which the issue was sold stands at 7.65 percent, while the coupon rate is of 5.95 percent.

The issue was worth 400 million lei, with the combined demand from the 12 bidding banks totalling 790.98 million lei. The ministry accepted the banks' offers up to a maximum yield of 7.65 percent.

Bidding in the tender were 12 banks as follows: Alpha Bank Romania, BRD - Groupe Societe Generale, Banca Comerciala Carpatica (BCC), Banca Comercială Romana (BCR), Banca Transilvania, Bancpost, CEC Bank, Citibank Romania, ING, Raiffeisen Bank, RBS Bank Romania and UniCredit Tiriac Bank.

The Romanian Treasury has a programme for borrowing from the banks in September totalling 4.7 billion lei, by means of seven T-bond and government bond issues, according to information published on the ministry's website.

The Finances Ministry has borrowed close to 37 billion lei from the banks since the beginning of the year; such loans taken from the domestic market last year amounted to 41 billion lei.

The budget deficit set for this year and agreed as part of the loan agreements with the IMF and the European Union stands at 23.953 billion lei.

(1 euro=4.3 lei)

Sursa: http://www.actmedia.eu

Tags: banks rbs euro ing cec brd bcr

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