Romania's Finance Ministry (MFP) rejected the bids made by banks in a benchmark bond auction on July 6.

The Ministry planned to attract some EUR 67 million (RON 300 million) by selling six-year bonds, but the banks only wanted to buy EUR 47 million worth of bonds, reports local Economica.net.

MFP plans to borrow EUR 568 million from commercial banks in June, to refinance public debt and finance state budget deficit. It will organize eight auctions of treasury bills and bonds to raise EUR 512 million and additional sessions of non-competitive bids to borrow EUR 56.8 million.

editor@romania-insider.com