Romania Rejects All Bids In 7-Year Bonds Sale

Romania”s Finance Ministry has rejected all bids at a 300 million lei (EUR66.2 million) seven-year bonds auction Thursday, citing high yields.

Banks offered RON688 million at today”s tender, but the ministry wasn”t satisfied with the yield level, central bank data showed.

At the previous similar auction April 15, the ministry sold RON500 million in seven-year paper at an average annual yield of 5.23%.

The ministry plans to sell state treasuries worth RON2.98 billion in June, down from the RON3.75 billion raised a month earlier.

So far in 2013, Romania sold RON26.81 billion in leu-denominated notes and EUR1.08 billion at two euro-denominated auctions on the local market. The ministry also tapped international markets for $1.5 billion at a US dollar-bond auction in February. (EUR1=RON4.534)