“It is a very ambitious plan,” ING Bank said in a note to investors. “It implies the largest gross issuance since February 2011 and the largest net issuance since 2009, while February would be only the third month on record since 2008 with an average maturity plan exceeding five years.”
The ministry plans to raise RON1.3 billion in 3-month and 12-month treasury bills, and the remainder in long-term notes. The ministry has scheduled five bond reopenings, where it plans to raise RON3.2 billion, and five sessions of non-competitive bids, aiming to sell an additional RON480 million worth of bonds during next month.
In January, Romania borrowed RON3.6 billion through state paper auctions.
The Finance Ministry announced it plans to borrow up to RON40 billion from the domestic market and up to EUR4 billion from international markets in 2015.