BUCHAREST, Sept 7 (Reuters) - Romania rejected all bids at a tender to sell one-year treasury bills on Monday, indicating yields were too high, central bank data showed.
At a previous tender on Aug. 10, the average accepted yield stood at 10.42 percent. On Monday, the finance ministry had planned to sell 1.1 billion lei ($371.5 million). Bids totalled 1.64 billion lei.
So far this year, Romania has sold just under 52 billion lei in local debt issues, four times more than in 2008, as the ministry struggles with massive funding needs.
However, in recent weeks it rejected all bids at several tenders, including one for 1-year paper on Aug. 24, signalling it plans to use hard currency reserves to cover its needs while waiting for domestic debt yields to lower.
The finance ministry plans to sell 6 billion lei in September and could issue a 5-10 year Eurobond worth between 500 million and 1.5 billion euros later this year. Yields have eased from as much as 14 percent at the start of 2009.