MFP sells Gov’t securities worth more than RON 498 million

The Ministry of Public Finance (MFP) on Thursday raised RON 498.72 million (nearly 117.34 million euros) through an issue of Government benchmark securities maturing in three years, tendered by the National Bank of Romania (BNR).

The securities mature in July 2013. They have an average yield of 6.8 percent and pay a coupon of 6.25 percent. The total value of the issue was RON 900 million (nearly 211.76 million euros), for which 13 banks submitted bids for RON 1.5 billion (nearly 0.353 billion euros).

MFP rejected the bids of the banks asking for a yield larger than 6.85 percent per annum. Submitting bids were 13 primary dealers – Alpha Bank Romania, BRD- Groupe Societe Generale, Banca Comerciala Carpatica (BCC), Banca Comerciala Romana (BCR), Banca Transilvnaia, Bancpost, CEC Bank, Citibank Romania, ING, MKB Romexterra, Raiffeisen Bank, RBS Bank Romania and UniCredit Tiriac Bank.

MFP has planned to raise RON 4.5 billion thorugh treasury certificates and Government securities. In the first three months of 2010, the MFP borrowed nearly RON 12 billion off the local market, after in 2009 it raised nearly RON 65 billion.
In February, Romania received two disbursements of a stand-by loan from the International Monetary Fund (IMF) worth 2.45 billion euros, and in March it received 1 billion euro from the European Commission. MFP also borrowed 1 billion euro from the external capital markets through a Eurobond issue.

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