Romania's finance ministry tapped the international markets on July 7, selling $3.3bn worth of Eurobonds denominated in US dollars with maturities of 10 and 30 years.
Romania previously issued Eurobonds twice this year, raising a total of €6.3bn in January and May respectively. The latest US dollar-denominated bond was issued in June 2018.
The finance ministry sold 10-year bonds worth $1.3bn and 30-year bonds worth $2bn.
The 10-year bonds pay a yearly coupon of 240bp over the mid-swap level while the 30-year bonds offer a fixed coupon of 4% per year.
The last time Romania issued Eurobonds in US dollars was in June 2018 when it raised $1.2bn in a 30-year bond with a 5.125% coupon and a 5.2% yield, 210bp above mid-swap. As the mid-swap on July 7 this year was 0.94, this implies the Eurobond was launched 306bp above — a spread that is wider than two years ago, not unexpected given the country’s fiscal outlook at this moment.
The orders received from investors totalled $2.9bn for the 10-year tranche and $4.4bn for the 30-year tranche, according to Bloomberg data.
This is Romania's first international bond issue after S&P confirmed the country's BBB- rating in May.
Related Articles
Eurasian Development Bank redeems €286mn Eurobond
The Eurasian Development Bank (EDB) said on March 26 it had fully redeemed a five-year Eurobond, meeting all obligations to investors at maturity. The bank paid a total of €286mn, covering both ... more
Georgia’s TBC Bank weighs up separate IPO for TBC Uzbekistan digital bank
London-listed TBC Bank Group PLC (LON: TBCG) is weighing up conducting a separate initial public offering (IPO) for its TBC Uzbekistan digital bank business. Reuters on February 24 ... more
EBRD boosts Ukraine financing to record €2.9bn in 2025 amid war
The European Bank for Reconstruction and Development (EBRD) deployed a record €2.9bn in finance in Ukraine in 2025, up from €2.4bn a year earlier, the EBRD said in a press release. The EBRD ... more