The ministry planned to sell paper worth RON300 million at Thursday’s auction. Banks offered RON1.41 billion, central bank data showed.
At the previous similar auction in October 2011, the ministry rejected all bids in a RON500 million sale, citing high yields. The latest successful five-year bid was held on August 4, when the ministry sold paper worth RON372 million at an average yield of 7.35% a year.
The ministry already exceeded its issuance plan for January, of RON4.5 billion. It sold over RON8.6 billion worth of paper in five out of six auctions, with the last one expected to raise another RON300 million.
In 2011, Romania sold around RON51.5 billion (EUR12 billion) in leu-denominated state notes, 25% higher compared with RON41 billion in the previous year. Additionally, two foreign currency bond auctions have brought the ministry EUR1.4 billion, while an international debt sale early June raised EUR1.5 billion. (EUR1=RON4.3452)