The Ministry announced the launch of three issuing of T-bills (usually sold at a discount from the par amount) at a face value of 1 bln lei, with 6 or 12 months maturity. The first T-bill offering is scheduled for January 11, the next on January 18 and the last on January 25, 2010.

At the latest T-bills bidding processes that took place in 2009, the return paid by the government to investors has been 10% per year, the ministry refusing to grant higher returns.

The Ministry also plans 2 offerings of treasury notes with 5 and 3-year maturity at a face value of 0.5 billion lei, and a coupon rate of 8.25% and 8% respectively. The first T-notes offering is scheduled for January 7 and the next one on January 21, 2010.

Last year, the Ministry of Finance raised around 65 billion lei in state securities offerings, 5 times more than in 2008.

The Government has committed to contain budget gap in a target range of 5.9% of GDP.