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Romania Sells EUR462.6M 4-Yr Forex Bonds At 4.85% Yield

Romanian Finance Ministry Wednesday sold EUR462.6 million in four-year foreign currency bonds, below the planned amount, at an average yield of 4.85% a year.
Romania Sells EUR462.6M 4-Yr Forex Bonds At 4.85% Yield
Florentina DraguRadu BostanShutterstock
27 iul. 2011, 18:44, English

The ministry planned to sell EUR600 million at today’s auction. Lenders offered around EUR966 million, central bank data showed.

The issue carries a coupon of 4.7% a year.

„We are pleased with the results. We’ve been watching the liquidities available on the market and there was no need to push things,” Bodgan Dragoi, secretary of state at the ministry, told MEDIAFAX.

Dragoi said the ministry has repaid a debt of EUR1.2 billion which was due July 29, with another maturing debt worth around EUR1.25 billion to be paid over the next days.

The remaining funds will fuel the Treasury’s reserves, he added.

This was the second foreign debt sale on the local market this year, after a three-year bond auction held May 4 has brought the ministry EUR939.2 million.

So far this year, Romania sold around RON38 billion (EUR8.9 billion) in leu-denominated state notes. Additionally, an international debt sale early June raised EUR1.5 billion.