Finance Ministry attracts over 1.16 billion RON off banks on Thursday

The Finance Ministry (MF) borrowed more than 1.16 billion RON from banks on Thursday through two benchmark government bond issues, according to data published by the National Bank of Romania (BNR).

The Ministry borrowed 422.6 million RON through a bond issue with a residual maturity of 179 months and an average yield of 7.77pct per annum. The nominal value of the issue was 500 million RON and banks subscribed 817.1 million RON.

An additional auction is scheduled for Friday, where the state wants to attract another 75 million RON at the yield set on Thursday for the bonds.

The MF also borrowed 738 million RON through an 85-month bond issue at an average yield of 7.27pct per annum. The nominal value of the issue was 600 million RON and banks subscribed 968.5 million RON.

An additional auction is scheduled for Friday, through which the state wants to attract another 90 million RON at the yield set on Thursday.

The Finance Ministry has planned to borrow 6.7 billion RON from commercial banks in April 2023, to which 930 million RON can be added through additional non-competitive bidding sessions corresponding to bond auctions.

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The total amount of 7.63 billion RON is 1.71 billion RON higher than the one scheduled in March, of 5.92 billion RON and it will be used to refinance the public debt and finance the state budget deficit.