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BUCHAREST (Romania), December 30 (SeeNews) - Romania's finance ministry said on Friday it plans to auction 3.1 billion lei ($715 million/683 million euro) in government securities and to sell an additional 315 million lei in non-competitive offers in January.
The finance ministry plans to hold two tenders for 500 million lei six-month and one-year treasury T-bills. Also, the ministry will hold five auctions of T-notes worth a combined 2.1 billion lei, with maturity ranging from two to ten years.
In December, the ministry has sold 1.58 billion lei in domestic debt paper and an additional 270 million lei in non-competitive offers, below its initial target of 3.6 billion lei.
Year-to-date, the finance ministry has sold roughly 45 billion lei in local currency-denominated government paper and 775 million euro in euro-denominated domestic debt. The government has also raised 3.25 billion euro on global markets.
Commenting on the finance ministry's plans, Raiffeisen Bank analysts said that January’s public debt auction calendar seems balanced as the issuances are spread over the entire curve.
"We think that it has chances to be successful as we expect liquidity surplus in the money market to have gone up in December and provided that there would be a more favourable context on external markets," the analysts said in a daily comment on financial markets.
While the planned amount was lowered slightly in January, the public debt managers increased the tenors of the issuances compared to December, the analysts added. Hence, the average residual maturity of the issuances planned for January is 3.3 years, compared to 2.1 years in December, analysts concluded.
(1 euro=4.5402 lei)