A new set of reference indicators are about to emerge on theRomanian financial market: every banking day, at 12:00, fixingrates for government securities from various issues of the FinanceMinistry will be set, based on the model used in the calculation ofROBOR- which has become the main benchmark for the cost ofRON-denominated loans.
Investors in treasury certificates and government bonds, frombanks to pension funds, investment funds and insurance companies,through to non-financial companies and individuals, will finallyhave a set of solid price benchmarks, based on firm quotesdisplayed by a group of banks selected by the NBR, which will bebased on a set of clear rules, inspired by the practice of Westernmarkets. Depositories in turn are very much in need of relevantprices.
The operation of the fixing system is already being tested sincethe beginning of this month. The National Bank has agreed to theintroduction of such a mechanism, which is set to run on theReuters platform, which also supports the calculation system forreference interest rates of the interbank monetary market.
"A fixing system built closer to the method of establishing theROBOR is important because banks' portfolios of government bondshave grown over the last two years, and they need much more solidprices to evaluate these portfolios. Investors such as pensionfunds in turn need solid prices to evaluate their own portfoliosand I think bond fixing will also contribute to stimulating theinterest of foreign investors. I think Romania's major challengewhen it comes to financing its budget deficit is to attract thatclass of major investment funds - real money funds - to governmentsecurities," says Marius Stoica, executive manager in charge offinancial markets at BRD-SocGen.
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