The third subscription in the second half of the year for government securities has opened, which will take place from September 8 to 17, available through eVMS.md, the online platform of direct sale of government securities for citizens. The Ministry of Finance, within this round, offers for the second time to invest in SS with a longer maturity – 4 years, along with securities with a two-year turnover period at rates: 6.6% for 2-year bonds, and 6.9% for 4-year bonds.
Previous subscription with maturities of 3-year and 4-year bonds was offered at the rates of 6.8% and 7% APR, which was not fully redeemed. The offered volume of the two issues worth 50 million lei was redeemed for a total of 8,071 million lei, which is much lower than the July subscription, when state bonds worth over 18 million lei were redeemed, although their yield was lower, but their turnover was higher.
A significant decrease in the demand for SS is also observed on the part of banks, when the supply exceeds the demand in some cases twice. And government securities with the shortest possible maturities are more popular. At the same time, the Ministry of Finance does not allow increasing of GS yields. It remained almost at the level of 9% on average during the last auctions.
