The Ministry of Public Finances (MFP) sold on Monday bonds with a one-year maturity for RON 2.38 bln (EUR 546 M), almost twice the indicative value, at an average return that dropped 0.3 percentage points to 6.23 per cent, the National Bank of Romania informs in a communiqué. The banks subscribed bonds totaling RON 4.42 bln, the tender having a programmed value of RON 1.2 bln. ING Bank analysts expected a good demand at a return of 6.2 per cent, considering the low monetary market rates and the fact that these instruments are listed at 6 – 6.25 per cent on the secondary market. Likewise, bank analysts expect a deterioration of liquidity at the start of a new period characterized by the building up of reserves, namely starting on January 24, a fact that could limit the return’s downward movement next month.
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