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Nov 09, 2017 15:37 EEST
November 9 (SeeNews) - Romania sold on Thursday 300 million lei ($75 million/65 million euro) worth of Treasury notes maturing on April 19, 2019, in line with its target, central bank data showed.
The average accepted yield was 2.31%, as demand stood at 699 million lei, the data indicated.
The issue will be reopened on Friday when the finance ministry hopes to raise 45 million lei in a non-competitive tender.
At the latеst auction of government securities of the same issue held in October, Romania rejected all bids.
All six debt tenders in October were rejected due to low market liquidity. The ministry had planned to raise 2.44 billion lei last month.
Details on the issue follow:
Romania's finance ministry 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.
At the end of October, Romania's finance ministry said it has 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 amidst a temporary rise in money market interest rates, which has also influenced yields on government securities.
Also, the ministry ensured 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=4.6279 lei)
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