Romania has had two weeks of dream financing, the Fidelis and Tezaur issuances were well subscribed, and nearly 31% of internal funding represents the state titles of the population, stated the Director General of the State Treasury, Stefan Nanu, on Thursday.
He participated in the official opening of the trading session on the occasion of the listing of Fidelis state titles issued by the Ministry of Finance.
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"I remember the Fidelis from May when I was here and I am usually very positive and smiling - but I was very worried at that time. I didn't know exactly how we would achieve our plans. Fortunately, now we are in a total turnaround, so it's an extremely good feeling regarding Romania.
We practically had two weeks of dream financing and here the demand is very important. So, there was a bond issuance, 15 billion, they were on the internal market, in the interbank, 11 billion in several auctions. From the beginning of the month, we have already reached the amount we announced this month. Fidelis and Tezaur, as usual, were well subscribed, and in general, there is an extremely good vibe.
The rating agencies visited us, there were very good meetings, so things are turned around 180 degrees and this is for our good, for the Ministry of Finance and for the good of the country, I believe. I think we will reach lower interest rates and spreads if we maintain things like this. It is already visible, the yield curve in lei is very close to 7%, spreads are getting tighter", Nanu stated.
Success of state title issuances
According to him, from the perspective of state title issuances for the population, ''some unexpected figures'' have been reached.
"We have reached some figures from the perspective of state title issuances for the population that were unexpected, if we look back a bit. Already from the financing until today of this year, so approximately 170 billion lei, 18% represent state titles for the population. From internal funding, about 31% represent the state titles of the population. It's enormous.
Before, we didn't even have 5%. Last year we had somewhere around 20% of internal funding in state titles for the population. So, it is due to our efforts, but I think it has become a habit. The instruments are very popular, it's not a competition," he added.
Similarly, the President of the Financial Supervisory Authority, Alexandru Petrescu, noted that at the beginning of the current week, the general stock index on the Bucharest Stock Exchange appreciated by 0.7%, while other stock exchanges, such as Madrid or Milan, were declining.
The Ministry of Finance (MF) raised 681.3 million lei and 192 million euros through eight issuances of state titles for the population (FIDELIS), within the sixth public offer carried out this year on the capital market.
The Fidelis state titles issued in June debuted on Thursday for trading on the Bucharest Stock Exchange. The next sale offer of Fidelis state titles is estimated to start in the first decade of August.