The Public Finance Ministry (MFP) sold RON 122 M-worth of bonds with a maturity term of 15 years, 60 pc below the targeted value, and the average yield awarded was 6.98 pc, Mediafax reports. The banks subscribed nearly ten times more, namely, RON 1.2bln. The indicative value of the auction was RON 300 M. The Treasury last sold securities with so long a maturity term in June 2005, when it managed to draw RON 50 M at an average yield of 7.3 pc. ING Bank analysts estimated that demand would be boosted by the shortage of long term bonds, as there are no bonds with a residual maturity longer than ten years and the value of securities with a maturity term longer than eight years amounts to RON 2bln, approx. 2.5 pc of the total bonds denominated in RON. The last auction in February is scheduled for Monday, when MFP proposes to sell RON 500 M-worth of six month certificates.