The Finance Ministry yesterday sold euro-denominated one-yeartreasury bills worth 1.2bn euros, 3 times more than the initialtarget, at an average yield of 4.9% per annum. The raised sums willbe used to fund the budgetary gap and refinance the maturing publicdebt. The total value of demand from banks reached 1.37bn euros, inthe context where the Finance ministry had originally planned tosell bonds with a fixed interest of 5% worth 400m euros. The bondswere subsequently turned into discount T-bills. The sale ofeuro-denominated bills was a success because banks hold high euroliquidities received from parent companies for which they do nothave placement alternatives, say analysts. "The operation was asuccess. This was expected as the Finance Ministry hasn't raisedsignificant RON sums lately. As long as the 7% yield maintains forRON, euro financing will be the one to be successful. (...),"commented Dragos Cabat, a managing partner with Financial View. Heconsiders the 4.9% yield is good for the current period.
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