Romania
Briefing Romania
Strong demand for 2023 bonds
Source: Reuters
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.
Source: Reuters, Bloomberg, ING
Source: Reuters, ING estimates
Content Disclaimer
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
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