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Sep 20, 2007 15:48 EEST
September 20 (SeeNews) - Romania rejected all bids worth 250.9 million lei ($104.2 million/74.2 million euro) at Thursday's auction for 100 million lei in three-year Treasury notes, the country's central bank said.
The reason for the bank's decision was not immediately known.
The last auction of three-year T-notes held on August 2 achieved a yield of 7.04%, down from 7.13% at the last auction of three-year T-notes on July 5.
The ministry has said that it plans to issue 400 million lei worth of government securities in September to finance and refinance public debt. The last auction of government paper for this month is scheduled for September 26, when the ministry will offer 100 million lei in 12-month T-bills.
The BNR auctions government paper on behalf of the Finance and Economy Ministry. The central bank has sold government securities worth some 8.3 billion lei so far this year.
European Union newcomer Romania liberalised its capital market last year, allowing foreign nationals to buy its government securities. The country set a ceiling of 4.4 billion euro ($6.2 billion) for the government's foreign borrowing in the current year and a domestic borrowing ceiling of 19 billion lei. Romania joined the EU in January.
(1 euro =3.3799 Romanian lei)
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