Three-year bonds again

The Finance Ministry this month will release two more ROL-denominated T-bills issues bearing interest and maturing in three years worth 800bn ROL, twice higher than last month. Individuals may subscribe 80bn ROL of the 800bn ROL by so-called non-competitive bids placed through one of the 14 banks authorised as primary dealers. The bonds will be sold by tenders organised on April 10 and 24. The Finance Ministry last month issued three-year T-bills for the first time. The first issue, worth 200bn ROL, was considered a success, both because the bids were four times higher than the supply and especially because of the 12.5% average yield. The second issue was a flop, though. The Finance Ministry rejected all the bids, saying the banks had speculatively attempted to raise yields. ZF