Failed Bond Auction Bug Goes Viral: Romania Rejects All Bids In 600 Million Lei

[Large Sarge]

Failed Bond Auction Bug Goes Viral: Romania Rejects All Bids In 600 Million Lei Auction
Submitted by Tyler Durden on 06/03/2010 12:24 -0500

Eastern Europe Failed Auction Germany Greece Hungary Primary Market Romania


Earlier we predicted that the dirt in Eastern Europe is about to clog up Bernanke's liqduity swap Hoovermatic, but had no idea we would be proven quick so fast. Romanian website zf.ro reports that in a 600 million lei auction conducted earlier, the "Public Finance Ministry has rejected all bids submitted considering them an unacceptable level of offer price." In other words, the Romanian government now thinks it is Greece and it doesn't need money it finds too expensive. In yet other words, this means a failed auction. This follows the news of a semi-failed auction in Hungary earlier today, and a busted auction in Germany two weeks ago. Does anyone know if there is an iPad app that magically makes direct bidders appear whenever and whereever needed, leading to a 10x Bid To Cover at 0.00% for any bond auction? If Jobs can come up with that, we would immediately bet the concrete bunker on AAPL stock.

[MNeagle]

here's the link: Link to Article (http://www.zerohedge.com/article/failed-bond-auction-bug-goes-viral-romania-rejects-all-bids-600-million-lei-auction?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedg e+-+on+a+long+enough+timeline%2C+the+survival+rate+fo r+everyone+drops+to+zero%29)


EDIT: Changed long link to named link to prevent horizontal scrolling. -Gaillo

[Ares]

Uh oh

[Ash_Williams]

I'd like to know what kind of interest rate they were turning down.

[Twisted Titan]

No need to worry

There is a group of investors in the cayman islands waiting to buy

[Neuro]

I guess Romania can just print up the money it needs, since they are not part of the Euro. The Lei will suffer though.

[joe_momma]

Romania doesn't have any oil left - but I recall there are a number of gold veins strewn through the mountains.

Perhaps Romania should look to mining rather than borrowing?

[Neuro]

Romania doesn't have any oil left - but I recall there are a number of gold veins strewn through the mountains.

Perhaps Romania should look to mining rather than borrowing?

Yeah or banking??? Wouldn't count Dracula be able to outcompete the Rothschilds?

Hmmm on second thought maybe not count Dracula is probably a bit to warm hearted to cut it in banking...