Banks offered RON1.27 billion, but the ministry rejected any offers above 7.38% a year, central bank data showed.
At the previous similar auction April 14, the ministry sold RON289 million in five-year paper at an average annual yield of 7.38%.
The ministry plans to sell debt worth RON4.8 billion in May, down from RON6.1 billion sold a month earlier.
So far this year, Romania sold RON25.8 billion in leu-denominated state notes. Additionally, a three-year foreign currency bond auction held May 4 has brought the ministry EUR939.2 million. (EUR1=RON4.1254)