The Ministry of Public Finance (MFP) on Monday raised a total of RON 850 M in one-year T-bills, the amount matching the indicative value of the auction, although banks oversubscribed 4.8 times more, at a decreasing yield of 6.37 per cent, Mediafax reports. The total value of subscriptions was RON 4.12 bln, a lot above the RON 850 M indicative value. At the previous auction of similar maturity T-bills, the Treasury sold certificates worth a total of RON 1.4 bln – matching the scheduled value – the average yield being 6.65% per annum. According to the MFP time-table, the next scheduled auction should take place on Thursday, when RON 500 M worth of three-year T-bills are on sale. The Finance Ministry intends to sell RON 4 bln worth of government bonds in July, more than in June, when it borrowed RON 3.7 bln that way.
