Finance Ministry sells RON 1.75 bln-worth of bonds, at lower yield

The Ministry of Public Finance (MFP) sold, yesterday, treasury certificates maturing in one year, worth RON 1.754 bln, RON 754 M above the target announced, at an average yield of 6.88 pc a year, below levels offered in the preceding auction, of 6.97 pc, Mediafax reports. The estimated value of the operation was RON 1 bln, and subscriptions amounted to RON 3.43 bln. Some dealers expected a higher demand, after hints of a more relaxed monetary policy, in the press release remitted by the central bank after last week’s monetary policy session.In the preceding bid for bonds with the same term of maturity, the Treasury borrowed RON 1.29 bln, at an average yield of 6.97 pc a year. The ministry announced it intended to draw RON 4.5 bln-funds in April, by selling bonds and treasury certificates.

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