Banks grant each other loans in RON at interest rates of 2% ayear these days, but paradoxically the state has not managed toborrow even a quarter of the planned 4.6 billion RON in June,although it paid yields of up to 7% a year, up from previousmonths.
"Firstly we have to consider relevant intervals, not overnightinterest rates, which refer to the current period, where we haveexcess liquidity. There is a relevant secondary market, wherebanks, investment funds, and insurance companies are present, theregovernment bond yields exceed 7% a year," comments the treasurer ofa major local bank.
At the beginning of the week dealers rushed in to make one-weekdeposits with the NBR (National Bank of Romania) at 6.25% a year,with the cumulated offers exceeding six times the maximum levelannounced. On the same day the Treasury raised only 330 million RONby selling one-year T-bills, a quarter of what it had planned to,but paid a maximum 6.98% yield per year.
"Although it paid a yield 20 basis points higher than that at whichsimilar securities were traded on the secondary market, the FinanceMinistry found it hard to access funds. This is alarming and showsthat funding costs will rise in the future, as we were expecting,but contrary to the minister's wish to see a yield stabilisation,"comments Vlad Muscalu, ING Bank analyst.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
