Tuesday, December 2, 2008

Government to issue EUR 900mn domestic debt in December.

Source: IntelliNews - Romania Today

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Government to issue EUR 900mn domestic debt in December. The economy and finance ministry will issue RON 3.4bn (EUR 900mn) of domestic debt in bonds and treasuries, slightly less than the RON 3.7bn issued in October and November together. The ambitious plans are forced by tight financing of the fiscal deficit that may require additional financing resources such as bridge loans from commercial banks. The government scrapped earlier plans of issuing EUR 500mn Eurobond this fall and preferred relying on the domestic market instead, but the fiscal management will become challenging early next year under current circumstances. The Treasury is issuing rather short-term debt in response to the liquidity constraints on the money market that pushed up the interest rates. Thus, out of the RON 3.4bn debt to be issued in December, RON 2.8bn will be formed by Treasury bills. The Treasury resumed issuing 3-month bills in November after a two-year break in response to the market conditions. It will launch a RON 1bn similar issue on Dec 3 and will issue RON 1bn of 6-month bills on Dec 10. The government will also tap the market with 3-year and 5-year bonds with a total size of RON 800mn.

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Government to issue EUR 900mn domestic debt in December.

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