Romanian debt managers reject all bids at Oct. 2020 bond tender

BUCHAREST: Romanian debt managers rejected all bids at a tender to sell 600 million lei worth of Oct. 2020 treasury bonds on Monday, central bank data showed.

The issue was undersubscribed with bids totalling 435.5 million lei. The finance ministry last issued Oct. 2020 data in April at an average yield of 3.42 percent.

Debt managers have been struggling with rising yields as a sharp jump in inflation prompted the central bank to hike its benchmark interest rate three times so far this year.

So far this year, the finance ministry has sold just under 15 billion lei and 252 million euros of domestic debt, and has tapped 2.0 billion euros in 2028 and 2030 Eurobonds.