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Romania's Finance Ministry sells 3-year state bonds worth lei 570m, at average yield of 11.18%Updated: 19-06-2009 |
The Public Finance Ministry (MFP) sold today benchmark bonds maturing in three years and four months for a total 570.2 million lei (134.7 million euros), at an average annual yield of 11.18 percent, higher than the one accepted in the previous bid.
In the fifth state securities bid this month, MFP collected one fourth less than the 750 million lei initially announced, and the maximum accepted yield was 11.25 percent per year.
Banks filed offers totaling 1.13 billion lei.
At a similar bid on May 21, MFP placed benchmark bonds maturing in three years for a total 639.17 million lei, at an average annual yield of 11.05 percent.
The Finance Ministry plans to collect a total 7.5 billion lei in June after cashing in 32.8 billion lei in the first five months of the year to finance and refinance the public debt. After the first four bids in June, MFP collected 6.1 billion lei.
The government established a budget deficit target of 4.6 percent of the gross domestic product (GDP), or 24.3 billion lei for the year, following the deal with the International Monetary Fund (IMF).
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