Individual clients, major government stock buyers

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Individual residents acquired in June this year over 33% of government stock, whereas secured funds, investment funds and insurers accounted each for a far lesser share, reveals data published by the Ministry of Economy and Finance (MEF).
The record of this year's trades with government stock show that individuals account for a higher share in these deals than foreign juridical persons or any other local company, notes daily Ziarul Financiar.
 
Except for March and January, when foreign companies were the most massive traders of government stock, individuals showed the highest preference for this type of placement, far above other client categories.
Overall, the same trend is visible in government stock held by client account categories. At the end of June 2008, individual residents were holding almost 11%, up from the 6% registered at the beginning of the year. At the same time, the share of non-resident juridical persons decreased from 28 to 22% over the first six months of the year.
 
Romania-based companies hold the bulk of government stock – some 66%, a level that remained unchanged since the beginning of the year, but this figure expresses the aggregate share of insurers, investment funds and banks.At mid-year the public total debt was 24.42 billion euros, by almost 40% above the level registered in 2007.
With reference to the GDP, Romania's public debt is 20.16%, a quite low level, given the fact that the Maastricht requirement sets forth a maximum of 60% of the GDP.
Government securities with maturities of 3 and 5 years account for almost 44% of the government stock issued in H1, and T-bills with 6- or 12-month maturities represent the rest.
 
On June 30, the average reimbursement term for almost 60% of the entire government stock portfolio was ranging between one and five years. Short-term securities with maturities of less than a year account for 28.8%.
Among the goals targeted by the finance authority is the cut of refinancing degree for the public governmental debt, reducing interest, credit, liquidity and refinancing risks, as well as ensuring an as uniform as possible public debt service.
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