Romania's Finance Ministry draws lei 2.35bn from treasury certificates at an average yield of 11.48%
Publish date: 24-02-2009The Public Finance Ministry (MFP) sold treasury certificates maturing in three months for 2.35 billion lei today, 2.4 times higher than the sum initially announced, at an average yield of 11.48 percent, according to the central lender BNR.
The amount initially established for this bid was of 1 billion lei. The maximum yield accepted by MFP was of 11.49 percent, below the interest established at the previous auction.
Banks' offers amounted to 2.961 billion lei, up 26 percent versus the sum collected by the ministry.
The Finance Ministry drew 1.708 billion lei from three-month securities at the previous bid on January 22, at an average yield of 12.36 percent per year.
MFP collected 6.176 billion lei this month, with 14.4 percent more than it planned, after it sold state securities of 6.56 billion lei last month through six auctions, in a 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.
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