| The Treasury sold yesterday RON 2.54bn (EUR 600mn) of one-year bills, more than twice the RON 1bn target size of the issue, while the average yield for the maturity decreased to 6.69% from 6.81% on January 12, the central bank reported. On the secondary market the ask/bid quotations for the one-year maturity was announced by the central bank at 6.39/6.82 on a downward trend from the 6.48/6.95 on January 10 when the central bank started calculating reference rates for the government debt. The size of yesterdays issue was the largest in the past years, but not totally unexpected given that the Treasury thus rolls over a RON 2.36bn treasury bills issue from January 18, 2010, maturing today. Since end-2010, the Treasury has organised three auctions for one-year treasury bills and the yield has gradually decreased from 6.91 in the first by 22bps until yesterday amid abundant resources, held by banks. The banks bid for RON 3.9bn worth of treasuries in yesterdays auction, maintaining the high subscription rate from the past months. |
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