Romania
Briefing Romania
Strong demand for 2023 bonds
EUR/RON
Little to no action yesterday in EUR/RON which traded in a tight range, just above 4.7600, though turnover was relatively decent considering there was a public holiday in London. Today, we see a 4.7550-7.7650 range with the market keeping an eye on political developments.
Government bonds
ROMGBs' curve shifted a couple of basis points lower post a strong primary auction result. MinFin sold RON747m versus RON300m target in Jun-2023 bonds at an average/cut-off yield of 4.33%/4.34% with total demand at RON1.15bn.
Money market
Cash rates stood above the key rate level, near 3.00% implied yield, with payments to the state budget due. Hence, the NBR did not organise its weekly deposit-taking auction.
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