At the most recent reopening of the bond in July, the ministry sold RON400 million of 3-year paper at an average yield of 2.32% a year.
Banks offered RON807.4 million, but the ministry sold only the planned amount. The issue will be reopened tomorrow in a bid to raise RON45 million at a supplementary non-competitive sale.
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 almost RON27 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.