Bucharest wants to borrow EUR 500 mln via local bond issue, to repay Eurobonds

The Bucharest Municipality plans to issue EUR 500 million worth of bonds on the Bucharest Stock Exchange. The bonds will be issued in local currency. The Municipality is currently looking for brokers to manage this bond offer and expects their offers by November 26, 2014, according to an official purchase announcement. Bucharest’s City Hall needs this money to repay the EUR 500 million Eurobonds issued in 2005, which come to maturity in June 2015. The municipality’s own revenues are estimated at around EUR 710 million this year. Next year, it has to pay EUR 560 million to its creditors, of which EUR 27 million are interests. editor@romania-insider.com