The state paid less for the money borrowed in the last fewweeks, with banks accepting lower yields given the surplusshort-term cash on their hands, despite having asked for higherinterests in the summer using the sovereign risk as anargument.
"The drop in the government securities yields is a naturaldevelopment, because of the surplus short-term cash available andwe can also notice the country's long-term outlook settling," saysDorin Badea, head of UniCredit Ţiriac Bank's Treasury.
The latest auctions organised by the Finance Ministry wereoversubscribed by far, with the banks' appetite to lend money tothe state returning as interbank interests fell, driven down byNBR's policy to leave more money onto the market.
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