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State is borrowing at increasingly higher costs – government bond yield reached 5.33% per year

de Adrian N Ionescu , 10.12.2018

The benchmark government bond yield jumped above the 5% threshold on Thursday.

The Ministry of Public Finance (MFP) attracted RON 300 million from banks on Thursday at an average yield of 5.33% per year through a bond issue with a 154 months maturity, according to data from the National Bank of Romania (BNR).

The yield of a previous issue was 4.67%.

The budget deficit also jumped to 2.2% of GDP in the first 10 months of the year, in the context that the one committed on the whole year is 2.97%, and usually, much of the expenditure is registered in the last two months of the year.

MFP has scheduled on Friday an additional auction to attract another RON 45 million with the yield set on Thursday.

The Ministry of Public Finance (MFP) planned in December 2018 loans from commercial banks of RON 4.28 billion, out of which RON 3.8 billion by government bonds and treasury bills auctions, to which the amount RON 480 million lei can be added by additional sessions of uncompetitive bids related to the bond auctions.

The amounts will be used to refinance the public debt and finance the state budget deficit. Compared to November, the loans planned by MFP are higher by RON 420 million.

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