MREL bonds issued by CEC bank start trading at Bucharest Exchange on February 17
The bonds issued by the Romanian state bank CEC, with the purpose of meeting the MREL requirements, will start trading at Bucharest Stock Exchange (BVB) on February 17, according to sources familiar with the process quoted by Ziarul Financiar.
Last December, CEC bank got the green light from Luxembourg Exchange for a multi-annual bond issue scheme and launched the first issues.
The bonds launched in December, denominated in local currency and euros, have a maturity of three years.
Upon the issues, CEC raised RON 657 mln (EUR 130 mln) in total from selected institutional investors.
Within the prospectus approved by Luxembourg Exchange, CEC Bank can issue bonds of several types (senior unsecured, subordinated or bonds eligible for the minimum requirement of own funds and eligible liabilities), within the limit of a ceiling of EUR 600 mln (or equivalent in other currencies), on periods between 2 and 10 years.
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