The Public Finance Ministry raised on Monday RON 540.3 million from banks through a benchmark government bond issue with a residual maturity of 14 months and an average yield of 8.45 ppa, shows data published by the National Bank of Romania (BNR).

The face value of the issue was RON 500 million, and banks submitted bids worth RON 1.345 billion.

An additional bidding session is scheduled for Tuesday, through which the state intends to raise another RON 75 million at the yield set on Monday for the bonds.

The Finance Ministry is planning to borrow this May from commercial banks RON 5.4 billion, to which RON 660 million can be added through additional sessions of non-competitive bids related to bond auctions.

The total amount of RON 6.06 billion is by RON 1.635 billion lower than the RON 7.695 billion planned for April and will be used to refinance the public debt and the state budget deficit.

AGERPRES