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Nov 23, 2017 18:33 EEST
November 23 (SeeNews) - Romania's finance ministry on Thursday rejected all bids in a 500 million lei ($126 million/108 million euro) auction of Treasury bills due on November 26, 2018, central bank data showed.
Demand in the auction amounted to 618 million lei, the data indicated.
This is the third auction of government securities this month, in which the placed bids have been rejected.
The finance ministry has said it plans to auction 2.7 billion lei worth of government securities and to sell an additional 330 million lei in non-competitive offers in November.
The ministry rejected all bids placed in six auctions of government securities last month. The ministry originally planned to raise 2.44 billion lei in October.
Details on the issue follow:
At the end of October, Romania's finance ministry said it had a comfortable funding buffer and a plan to meet the country's financing needs for the rest of the year, despite the failed auctions last month.
The ministry added that it has rejected the offers placed by the primary dealers in October amid a temporary rise in money market interest rates, which has also influenced yields on government securities.
The ministry also said that it has largely covered the financing needs forecast for the year, by 'prudently' implementing the 2017 funding plan through uniform distribution of borrowing throughout the year in order to avoid accumulation of very high funding needs over short periods of time.
So far this year, the ministry has sold some 38 billion lei and 340 million euro worth of government bills and bonds and has tapped foreign markets for 2.75 billion euro of 2027 and 2035 Eurobonds.
The ministry has said it planned to sell some 48-50 billion lei worth of leu-denominated domestic debt this year.
(1 euro=4.6546 lei)
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