Briefing Romania
June 2024 auction in sight
EUR/RON
The EUR/RON continues its range trading around 4.7600. With the holiday mood has already entrenched, we don’t expect a different story for today.
Government bonds
The primary market auction is the highlight of a quiet period in the Romanian government bond market. Today, the Ministry of Finance plans to sell RON400 million in Jun-2024 bonds. The tenor is in-between the offshore demand, which is usually focused on longer tenors and demand from local investors which is concentrated on shorter maturities. Hence, we could see some partial allocation in the 4.50-4.55% area.
Money market
It's the same story on the money market with the market pricing quite a hefty liquidity premium for the beginning of the next reserve period. The overnight implied yield remains just below the 3.50% Lombard rate.
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