The Ministry of Finance (MF) on Thursday borrowed RON 656 million off banks in an issue of benchmark bonds of a residual maturity of 109 months and an average yield of 6.87% per annum, according to data published by the National Bank of Romania (BNR).

The nominal value of Thursday’s issue was RON 500 million, and the banks offered RON 966 million, agerpres reports.

An additional auction is scheduled for Friday to borrow another RON 75 million at the yield set on Thursday for the bonds.

MP has planned for August 2023 to borrow RON 4.6 billion off commercial banks, to which RON 645 million lei can be added in additional sessions of non-competitive offers related to bond auctions.

The total amount of RON 5.245 billion is RON 645 million higher than the one scheduled for July, of RON 4.6 billion, and it is intended for public debt refunding and government deficit financing.