Briefing Romania
Very good Sep-2023 auction
EUR/RON
Much in line with previous trading sessions, the EUR/RON traded in a narrow 4.7620-4.7650 range. We expect sideways trading around 4.7650 for today and likely for the days to come as well.
Government bonds
It was a quiet trading day for Romanian government bonds, having only the Sep-2023 auction to enthral the market. As expected, demand was strong, with a 2.9x bid-to-cover ratio. The already traditional upsizing went a step further this time as the Ministry of Finance accepted RON792 million versus the RON500 million target at 3.86% average and 3.87% maximum yields. Overall, a strong result we’d say.
Money market
Cash rates look quite immobile these days, trading flat just below 2.50%. The central bank drained RON4.9 billion yesterday in its weekly deposit taking auction. The liquidity surplus looks comfortable enough to keep rates steady for the remainder of the reserve period.
This publication has been prepared by ING solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not constitute investment recommendation, and nor is it investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument. Read more
Download
Download snap