Romania’s Finance Ministry failed to draw RON 600 million (EUR 133 million) in a government bond offer yesterday as the demand from banks was too low and the yields were too high.

The Finance Ministry wanted to sell bonds due in 2020. The demand from local banks was only EUR 118 million, reports local News.ro.

“The Ministry of Finance rejects all the purchase bids and regards them unacceptable based on the offered price,” according to a press release issued by Romania’s National Bank, which oversees the government bond market.

The failure surprised the analysts, who expected a positive result.

editor@romania-insider.com