Banks offered RON807.5 million, but the ministry rejected all yields above 4.16%. The issue will be reopened tomorrow in a bid to raise RON45 million at a supplementary non-competitive sale.
At the most recent reopening of the bond in July, the ministry sold RON557 million of 10-year paper at an average yield of 3.88% a year.
The ministry has revised down its estimate for this month’s borrowing needs in local currency, to RON2.21 billion from RON3.24 billion. Also this month, the institution raised EUR250 million in a reopening of its January 2019-dated Eurobond, at a record low yield of 2.19% a year.
So far in 2014, the country sold RON26.64 billion in leu-denominated notes and EUR928.7 million at four euro-denominated auctions on the local market.
The ministry also tapped international markets for $2 billion at a two-part U. S. dollar bond issue in January, and raised EUR1.25 billion in a ten-year Eurobond sale in April. (EUR1=RON4.4362)