MINISTRY OF PUBLIC FINANCE

Calendar of government securities issuancefor2014

The total volume of the government securities to be issued in2014 on the domestic market is determined by the targeted level of 2,2% of GDP ofthe budget deficit, assumed to be financed both from the domestic and external market in relative equal weights, as well as by the level of the government securities to be refinanced in 2014, amounting to RON 37.1 bn due in2014,(out of which RON 31.4 bn correspond to RON denominated government securities and RON 5.7 bn correspond to EUR denominated government securitiesofEUR 1.3 bn due in May 2014).

The Ministry of Public Finance also intends to access the international financial markets subject to the available market conditions and opportunities. External financing will be achieved under the GMTN Programme by issuing an indicative volume of 2billion euros equivalent.

The RON denominated government securities to be issued on the domestic marketare:

-Treasury Bills with maturities of 3, 6 and 12 months forcash management purposes,and

-Government benchmark bonds tobe reopened in order to increase their liquidity on the secondary market. New benchmark bond issues will be launched with maturities up to 15 years in order to extend the existing maturities and strengthen the yield curve, based the investor demand.

Following the objectives of reducing refinancing risk and increasing the average remaining maturity of government securities, Ministry of Public Finance will issue Treasury Bills of around RON 12-14bn (without considering the amount of government securities issued on short term due for repayment in 2014),as well as benchmark bonds of around RON 33-35bn.

EURdenominated Government securities will be issued on the domestic market while extending their maturities. The EUR denominated government bonds will be mainly issued in the first four months of 2014, in order to partially raise the neededamount toredeem the EUR denominated issue due in May 2014. However, the Ministry of Public Finance’s medium term policy is to gradually reduce these issuances until eliminated, taking into account the objective of building and consolidating the RON yield curve and of limiting the exchange rate risk.

To meet the objective of consolidating and extending the RON denominated government securities yield curve and to improve the liquidity of government securities market, the Ministry will reopen benchmark bonds until reaching volumes per issuance in the equivalent value of around EUR 1.5 – 2 bn,according to their maturities.

The 3 and 5 year benchmark bonds will be launched/reopened on a monthly basis, 10 year bonds on a monthly basis or at least once in 2 months, and 7 and 15 year issues,according to the investor’s appetite for such instruments.

The Treasury bills auctions will be held on Thursdays with the settlement day on Mondaysand the benchmark bond auctionswill be held on Mondays with Wednesday as settlement day.

The auctions for the Treasury bills and benchmark bonds will take place according with the following indicative calendar:

Treasury Bills Government Bonds

Auction Date
dd/mm/yy / Settlement Date
dd/mm/yy / Auction Date
dd/mm/yy / Settlement Date
dd/mm/yy
06.01.2014 / 08.01.2014
09.01.2014 / 13.01.2014 / 13.01.2014 / 15.01.2014
16.01.2014 / 20.01.2014
20.01.2014 / 22.01.2014
23.01.2014 / 27.01.2014 / 27.01.2014 / 29.01.2014
03.02.2014 / 05.02.2014
06.02.2014 / 10.02.2014 / 10.02.2014 / 12.02.2014
20.02.2014 / 24.02.2014 / 17.02.2014 / 19.02.2014
24.02.2014 / 26.02.2014
10.03.2014 / 12.03.2014
06.03.2014 / 10.03.2014 / 17.03.2014 / 19.03.2014
20.03.2014 / 24.03.2014 / 20.03.2014 / 24.03.2014
24.03.2014 / 26.03.2014
10.04.2014 / 14.04.2014 / 07.04.2014 / 09.04.2014
24.04.2014 / 28.04.2014 / 14.04.2014 / 16.04.2014
21.04.2014 / 23.04.2014
24.04.2014 / 28.04.2014
08.05.2014 / 12.05.2014 / 05.05.2014 / 07.05.2014
15.05.2014 / 19.05.2014 / 12.05.2014 / 14.05.2014
19.05.2014 / 21.05.2014
26.05.2014 / 28.05.2014
12.06.2014 / 16.06.2014 / 02.06.2014 / 04.06.2014
19.06.2014 / 23.06.2014 / 09.06.2014 / 11.06.2014
26.06.2014 / 30.06.2014 / 16.06.2014 / 18.06.2014
23.06.2014 / 25.06.2014
10.07.2014 / 14.07.2014 / 07.07.2014 / 09.07.2014
17.07.2014 / 21.07.2014 / 14.07.2014 / 16.07.2014
21.07.2014 / 23.07.2014
28.07.2014 / 30.07.2014
07.08.2014 / 11.08.2014 / 04.08.2014 / 06.08.2014
14.08.2014 / 18.08.2014 / 11.08.2014 / 13.08.2014
18.08.2014 / 20.08.2014
25.08.2014 / 27.08.2014
04.09.2014 / 08.09.2014 / 01.09.2014 / 03.09.2014
18.09.2014 / 22.09.2014 / 08.09.2014 / 10.09.2014
15.09.2014 / 17.09.2014
22.09.2014 / 24.09.2014
02.10.2014 / 06.10.2014 / 06.10.2014 / 08.10.2014
16.10.2014 / 20.10.2014 / 13.10.2014 / 15.10.2014
23.10.2014 / 27.10.2014 / 20.10.2014 / 22.10.2014
27.10.2014 / 29.10.2014
06.11.2014 / 10.11.2014 / 03.11.2014 / 05.11.2014
13.11.2014 / 17.11.2014 / 10.11.2014 / 12.11.2014
17.11.2014 / 19.11.2014
24.11.2014 / 26.11.2014
04.12.2014 / 08.12.2014 / 08.12.2014 / 10.12.2014
11.12.2014 / 15.12.2014 / 15.12.2014 / 17.12.2014
18.12.2014 / 22.12.2014

Exceptions from this rule are only in case of legal holidays. Moreover, the elements announced hereby, might be revised during 2014, according with:

-the financial markets development,

-investment needs of the market participants,

-the execution of the general consolidated budget and

-financing the budgetary deficit and refinancing of thegovernment public debt,

-the necessity ofmaintaining and consolidating the foreign currency fiscal reserves of the Central State Treasury.

-in case of favorable market conditions MoPF may use prefinancing, in order to maintain a financial buffer.

Starting with the last quarter of 2014, once the legal, procedural, technical, and operational framework is in place,the Ministry of Public Finance intends to use specific liabilities management operations such as buy backs, and bond-exchanges aas well as reverse repo operations for an effectivecash management (operations to be conducted only with the primary dealers).

The Ministry of Public Finance will release quarterly announcements providing the indicative amounts for the government securities issues , while monthly announcements will describe the effective volumes and all the other related characteristics for the planned issues.

Thus, for the first quarter of 2014, the Ministry of Public Finance is announcing an indicative volume of government securities to be issued on the domestic market amounting to 12-14 billion RON.

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