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OUTLOOK 2021 Lithuania
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OUTLOOK 2021 Czechia
BRICKS & MORTAR: Rosier future beckons for CEE retailers after year of change and disruption
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OUTLOOK 2021 Hungary
Hungarian government remains silent after Capitol riots
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OUTLOOK 2021 Slovakia
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BALKAN BLOG: The controversial recipe for building up Albania
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OUTLOOK 2021 Albania
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OUTLOOK 2020 Bulgaria
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OUTLOOK 2021 Armenia
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OUTLOOK 2021 Georgia
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OUTLOOK 2021 Tajikistan
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OUTLOOK 2021 Uzbekistan
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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.
S&P is the third of the three major rating companies that affirmed Romania’s sovereign rating (BBB-/negative) at the lowest investment-grade rating, giving the government time to settle the ... more
Romania's finance ministry has made the third budget revision this year, envisaging a public deficit of RON96bn (€19.8bn), or 9.1% of the year's GDP, up from 8.6% of GDP in the previous revision ... more
Russian oil company Lukoil wants to sell its 87.8% stake in the EX-3-Trident perimeter in Romania's Black Sea offshore area, according to the CEO of Romanian state-owned gas producer Romgaz, which ... more
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