After the spectacle, just two weeks ago, of the launching of three-year government bonds after a ten-month break, the Finance Ministry accepted during the last tender of last week to borrow money over a five-year period for the first time since February.
Thus, the Finance Ministry issued bonds worth 35 billion ROL, accounting however for a mere 11% of the total sum that had been anticipated, agreeing to pay a margin of five percentage points above the inflation rate. Thus, the main medium-term reference price for the financial market was reset once again.
The match between yields required by banks and those offered by the Finance Ministry comes amid an emerging trend of declining rates of interest on government bonds. These have started falling, especially after the second signal issued by the NBR through its reduction in the intervention interest rate, a move that was justified due to the reduction in the rate of inflation during the first half of this year, which exceeded expectations.
Last week, the average interest rate pertaining to treasury certificates maturing in three-months dropped by 0.34 points, to 17.11%. Meanwhile, certificates maturing in one-year were placed at an average interest rate of 16.84%, 0.04 points lower in comparison to the previous tender,
The more significant slump registered by certificates maturing in three-months is due to the fact that this is the first tender for this maturity term after the second decision by the NBR to reduce the intervention interest rate by 0.75%, to 20% per year.
In the case of one-year due bonds, the move by the central bank was included in the price two weeks ago, with the respective rate of interest falling below the 17% threshold for the first time.
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