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Romania sells 100.5 mln euro of 2028 T-notes, rejects all bids for 2038 T-bonds

Jun 17, 2024, 4:07:07 PMArticle by Alexandru Cristea
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June 17 (SeeNews) - Romania's finance ministry sold on Monday 500 million lei ($107.6 million/100.5 million euro) worth of government bonds maturing on April 26, 2028, right on target, central bank data showed.

Romania sells 100.5 mln euro of 2028 T-notes, rejects all bids for 2038 T-bonds

The average accepted yield rose to 6.42%, from 6.32% achieved at the previous auction of government securities of the same issue held in May. Demand for the T-bonds, which have an annual coupon of 6.3%, climbed to 710 million lei from 520 million lei at the previous auction.

Also on Monday, Romania's finance ministry rejected all bids submitted at an auction of 300 million lei worth of government bonds maturing on February 24, 2038.

The issue was slightly oversubscribed as investors placed bids for 302.4 million lei of government securities.

The finance ministry last tendered bonds of the same issue in May, achieving an average yield of 6.9%. Demand for the government securities, which have an annual coupon of 7.9%, totalled 494 million lei back then.

Both issues will be reopened on Wednesday when the finance ministry hopes to raise an additional total of 120 million lei through non-competitive tenders.

Details of the issues follow:

Maturity April 26, 2028 Feb 24, 2038
Amount offered (mln lei) 500.0 300.0
Amount sold (mln lei) 500.0 0.0
Total bids placed (mln lei) 710.0 302.4
Bid-to-cover ratio 1.42 -
Yield (%) 6.42 -

Romania has sold approximately 58.544 billion lei worth of government securities year-to-date.

(1 euro=4.9768 lei)

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