Romania Sells 301.75 Mln Lei (71 Mln Euro) in 3-Yr T-notes, Yields Fall

The average yield was 10.24% versus 10.98% at the previous auction held on July 16, the BNR, which sells government securities on behalf of the Finance Ministry, said in a statement.

Bids were placed for 1.38 billion lei worth of T-notes in Thursday's auction. The average accepted price was equal to 102.5174% of par.

The Finance Ministry has said it plans to issue 6.5 billion lei worth of government securities in August.

Romania sold government securities worth nearly 12 billion lei last year, up from 8.7 billion lei in 2007. It has sold 47.85 billion lei in government debt paper so far this year.

The country liberalised its capital market in 2006, giving foreign nationals free access to its government securities. Romania joined the European Union in 2007.

(1 euro = 4.2258 Romanian lei)