The ministry had set an indicative target of RON600 million for today’s auction. Banks offered RON1.6 billion, but the ministry rejected all yields above 3.97%, central bank data showed.
At the latest similar auction December 12, the ministry sold RON440.6 million of three-year paper at 3.59% average yield.
The ministry has already exceeded its issuance target for December, of RON3.99 billion. It has raised about RON4.32 billion this month, with the last auction Friday expected to bring in another RON60 million.
So far in 2013, Romania sold RON48.47 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 in February and raised another EUR2 billion at two Eurobond sales in September and October, respectively. (EUR1=RON4.4806)