Romania sells 255mn lei of Oct. 2020 bonds

BUCHAREST: Romania sold 255 million lei ($65.61 million) worth of Oct. 2020 treasury bonds on Monday, about half the planned amount, at an average accepted yield at 3.45 percent, central bank data showed.

Debt managers last sold the paper in September at an average yield of 1.91 percent.

Fiscal uncertainty, rising interest rates and a market liquidity shortage has driven yield demands sharply higher, prompting the finance ministry to reject all bids at nine tenders since the start of October.

So far this year, Romania has sold roughly 38.5 billion lei and 340 million euros of domestic bills and bonds. It has tapped foreign markets for 2.75 billion euros of 2027 and 2035 Eurobonds.