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Romania To Issue 4.8 Bln Lei (1.1 Bln Euro) of Debt in Dec vs 1.8 Bln Lei Announced Earlier- Fin Min

Dec 3, 2009, 12:13:50 PMArticle by Kristina Belkina
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December 3 (SeeNews) - Romania will issue 4.8 billion lei ($1.7 billion/1.1 billion euro) worth of government securities in December, up from 1.8 billion lei announced earlier, to finance budget gap and re-finance public debt, data from the Finance Ministry indicated on Thursday.

Romania To Issue 4.8 Bln Lei (1.1 Bln Euro) of Debt in Dec vs 1.8 Bln Lei Announced Earlier- Fin Min

The ministry said in a statement it added two auctions of six-month T-bills, one worth 1.0 billion lei due on December 14 and another one worth 500 million lei on December 28. It also added two auctions of one-year T-bills worth 1.0 billion lei and 500 million lei, on December 7 and December 21, respectively.

The ministry said earlier this week that it will offer only benchmark T-notes this month. An auction of five-year Treasury notes worth 950 million lei in par value is scheduled for December 3, and an auction of three-year T-notes, worth 850 million lei, will be held on December 17.

Romania has sold 52.71 billion lei in government debt paper so far this year. It sold government securities worth nearly 12 billion lei last year, up from 8.7 billion lei in 2007.

Romania's January-October budget deficit widened to 5.1% of the gross domestic product (GDP) projected for the current year, from 1.6% of GDP in the same period last year. The country's government collapsed in October following a no-confidence vote, and concerns over political instability have prompted investors to demand higher yields for lei-denominated securities.

Romania signed a 20 billion euro ($30.2 billion) aid deal with the IMF, the European Union and the World Bank earlier this year to support its crisis-hit economy. An IMF mission wrapped up a two-week review of Romania's economic performances under the stand-by agreement earlier this month, saying it will delay the third loan tranche under the agreement until the political situation stabilises.

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=4.2143 Romanian lei)

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