Yields on Romanias 12-month T-bills stabilise at around 5.3%.

By bne IntelliNews March 20, 2012
Romania's Treasury sold another issue of 12-month T-bills earlier this week as the average yield edged marginally up to 5.31% from 5.27% last week, indicating a stabilisation of the local currency yields after several months of decrease. On the secondary market, the 12-month government debt paper was traded accordingly at 5.15/5.54% or 15-20bps up on the week after yields bottomed out in mid-March. This week's 12-month issue on the primary market was sold at the initially planned size of RON 1bn (EUR 228mn) although banks placed orders for RON 2.6bn, confirming they have large amount of resources in their vaults. The yields on the government's 12-month T-bills issues on the primary market stood at above 6.5% at the end of last year since when they have dropped abruptly, prompted by the cut in the monetary policy interest rate to current 5.5% from December's 6.25%. The yield on the 12-month bills used to be above the monetary policy interest rate but decreased even below it now after the central bank repeated the rate cuts.
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