April 8 (SeeNews) - Romania's finance ministry on Monday rejected all bids submitted at an auction of 300 million lei ($65.4 million/60.4 million euro) worth of government bonds maturing on February 24, 2038, central bank data showed.
The issue was undersubscribed as investors placed bids for 222.7 million lei of government securities, the data indicated.
The finance ministry last tendered bonds of the same issue in March, achieving an average yield of 6.60%. Demand for the government securities, which have an annual coupon of 7.9%, totalled 393.2 million lei.
The issue will be reopened on Wednesday, when the finance ministry hopes to raise 45 million lei in a non-competitive tender.
Details on the issue follow:
Auction date |
April 8 |
March 11 |
Amount offered (mln lei) |
300.0 |
300.0 |
Amount sold (mln lei) |
0.0 |
317.2 |
Total bids placed (mln lei) |
222.7 |
393.2 |
Bid-to-cover ratio |
- |
1.24 |
Yield (%) |
- |
6.60 |
Romania has sold about 33.495 billion lei worth of government securities year-to-date.
(1 euro = 4.9678 lei)