Finance Ministry, planning to borrow 3.45 bln lei from banks in August

The Public Finance Ministry (MFP) seeks to raise this August from commercial banks 3.45 bln lei, of which 3 billion lei through eight issues of government bonds.

Another 450 million lei might add to these amounts through additional non-competitive bids related to bond auctions.

The amount, lower than the 5.3 billion lei scheduled for July, will be used to refinance public debt and finance the state budget deficit.

According to the issue prospectus published in the Official Journal, the MFP has scheduled eight benchmark bond issues worth an aggregate 3 billion lei, followed the next day by an additional session of non-competitive bids, for 15 percent of the initial value of the issue (450 million lei in total). The sizes of the issues are 500 million lei (two issues), 400 million lei (three issues), 300 million lei (two issues) and 200 million lei (one issue).