The ministry planned to raise RON500 million at Thursday’s auction. Banks offered RON1.98 billion, but the ministry rejected all yields above 6.95% a year.
At the latest similar auction November 17, the ministry sold RON297 million in three-year paper at an annual yield of 7.48%.
The ministry already exceeded its issuance plan for January, of RON4.5 billion. It sold RON4.8 billion worth of paper in just three auctions, with the remaining three expected to raise another RON2.1 billion.
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=RON4.3446)