November 1 (SeeNews) - Romania's finance ministry said on Wednesday it plans to auction 2.7 billion lei ($683 billion/587million euro) worth of government securities and to sell an additional 330 million lei in non-competitive offers in November.
The finance ministry plans five auctions of government securities with maturity of 1.3 to 6.5 years and one auction of one-year T-bills this month, it said in a debt issuance calendar.
The ministry planned to raise 2.44 billion lei in auctions of government paper in October, but all six debt tenders failed due to low market liquidity.
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 37.5 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= 4.5871 lei)