Romanian bond yields keep sliding.

By bne IntelliNews February 5, 2013
Romania's Treasury issued a 12-month bond at an average yield of 5.51% on Monday, Feb 4, down from 5.85% in mid-January, the central bank announced. The issue was oversubscribed but eventually the Treasury sold only RON 500mn, as planned, preferring lower yields at a time when it is not under cash constraints. The 12-month yield in the primary auctions was 6.24% in mid-December - before the visible change in investor sentiment pushed down the cost of borrowing for the government. In another auction also held on Feb 4, the Treasury issued 33-month debt paper at an average yield of 5.69% -- also down from the 5.95% in the previous issue with a similar maturity sold in mid-January. The Treasury eventually placed RON 737mn versus RON 500mn planned. The Feb 4 issue was actually a re-opening of an older bond. In another opening of the same bond in December, the Treasury accepted an average yield of 6.14%, while the yield of the same bond in November was 6.61%.

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