Romanian Finance Ministry borrows EUR 106 mln from local banks

Romania’s Finance Ministry drew some RON 493 million (EUR 106 million) from local banks on Monday, April 23, through a benchmark bond issue with a maturity of 62 months. The average cost of this financing is 4.27% per year, according to data from Romania’s National Bank (BNR), cited by local Economica.net. The bond issue had a nominal value of RON 500 million and the offers from banks amounted to RON 533 million. The ministry planned to draw another RON 75 million (EUR 16 million) on Tuesday, through a non-competitive bid at the yield set on Monday. The Finance Ministry’s plans include RON 3.82 billion (EUR 821 million) worth of bond sales in April. The money will be used to refinance the public debt and finance the budget deficit. editor@romania-insider.com