The ministry had an indicative target of RON500 million for today’s tender. Banks offered RON1.86 billion, but the ministry rejected all yields above 4.19% a year.
At the previous reopening of the issue December 12, the ministry sold RON500 million in five-year paper at an average yield of 4.9%.
The ministry plans to sell debt worth RON4.03 billion in January, down from around RON4.38 billion raised a month earlier. Also this month, the ministry sold $2 billion in 10 and 30 year US dollar-denominated bonds and it expects to raise at least EUR200 million at a three-year Eurobond sale on January 23.
In 2013, Romania sold RON48.54 billion in leu-denominated notes and EUR1.57 billion at four euro-denominated auctions on the local market.
The ministry also tapped international markets for $1.5 billion at a US dollar-bond sale last year and raised another EUR2 billion at two Eurobond sales. (EUR1=RON4.5374)