In the first quarter of 2012, the ministry sold state paper worth of RON26.1 billion, much higher than its initial plans of RON14 billion to RON16 billion.
The finance ministry has already announced plans to sell RON4.6 billion debt in January.
For 2013, Romania needs to finance a budget deficit of 2.15% of the gross domestic product and to refinance state paper issues of RON46.8 billion, the ministry said in a statement.
The ministry also plans to sell bonds on international markets, mainly through its Medium Term Notes program, which is to be increased and extended by 2015. The Eastern European country plans to sell EUR2.5 billion bonds next year.
The MTN program was launched in 2010 for a three-year period with a maximum ceiling of EUR7 billion. Romania has so far sold bonds worth EUR6.2 billion, of which EUR4.7 billion in 2012 only, through this program.
Also, the ministry intends to continue to issue hard currency paper that will be sold on the local market. State treasury issues denominated in euros worth a total EUR1.76 billion mature in 2013, and the ministry plans to refinance these amounts with similar issuances. The ministry announced it will auction euro-denominated bonds quarterly, if market conditions and investors’ appetite allow it.
In 2012, Romania sold treasury bills and bonds worth a total RON58.2 billion, 13% more than in the previous year. It also raised EUR763.3 million from the local market by tapping two existing foreign currency bonds, due 2014 and 2015, respectively.
Additionally, the country tapped international debt markets for $2.25 billion at two US dollar-denominated bond sales and raised another EUR2.25 billion via two Eurobonds.