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24 mai, 2024

28 ianuarie, 2019

The Ministry of Finance (MFP) has only managed to sell five-year government bonds amounted to RON 110 million out of the RON 400 million issued on the primary market on Monday, at an average yield of 4.73%.

The total volume of demand expressed by investors was only RON 241 million, but the MFP interest rate was 4.50%.

It is the sixth of seven issues this year with which MFPs have attracted lower amounts than expected.


A week ago, government bonds of only RON 248.8 million were sold, 62% of the volume demanded by MFP.

Causes: Unpredictability and lack of budget

The lack of investors’ appetite comes in the context of OUG 114/2018 adoption, the famous ordinance on greed promoted by Eugen Teodorovici and Darius Vilcov, by which the Government imposed a tax on bank assets.

Moreover, the financial markets are worried about the lack of 2019 budget draft and imbalances without a solution as convincing as possible, which the draft’s delay is hiding.

Romania will see in 2019 the highest growth in the Central and Eastern Europe (CEE) in 10-year government bond yields because of the adverse effects of „Teodorovici Ordinance”.


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