Romania to launch EUR 7bn medium term notes programme in Q1.

By bne IntelliNews January 19, 2011
Romania will make the first issue under its three-year programme for medium term notes (MTN) by the end of Q1, finance ministry state secretary Bogdan Dragoi told Agerpres. The government plans to draw EUR 7bn worth of financing under the MTN programme. The launch of the issue programme was initially scheduled for October 2010, but has been repeatedly postponed since then. At this moment, the time is right for an issue, Dragoi said, adding that the credit default swap for Romania is 70 base points for a five-year maturity, and is below that of Hungary. The government plans to finance half of the budget deficit, planned at 4.4% of GDP or some EUR 2.5bn, from the foreign markets.

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