Banks offered RON2.35 billion, but the ministry rejected all yields above 2.92% a year.
At the most recent successful similar auction in January, the ministry sold RON1 billion in one-year paper at an average yield of 2.03%. Last month, the ministry rejected all bids in a RON1.2 billion sale due to high yields.
Romania sold leu-denominated treasuries worth RON2.84 billion in March, slightly up from the initial target of RON2.68 billion. Also this month, the ministry raised EUR200 million at a Eurobond sale on the local market.
So far in 2014, the country sold RON9.64 billion in leu-denominated notes and EUR678.7 million at three 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. (EUR1=RON4.4749)