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Iulian Ernst
Senior Editor

Iulian studied physics at the University of Bucharest, and he sees himself as a physicist in the broadest sense of the word. He also studied economics at Charles University in Prague and Central European University in Budapest, after a master’s program in business administration at Bucharest Academy of Economic Studies. Since recently, he’s been exploring coding and data analysis for business and economics. As a freelancer, he worked for nearly two decades as an analyst for ISI Emerging Markets, Euromonitor International, Business New Europe, but also as a consultant for OMV Petrom and UkrAgroConsult. Iulian was part of the founding team of Ziarul Financiar. At Romania Insider, which he joined in 2018, he is reviewing the latest economic developments for the premium bulletins and newsletters. He would gladly discuss topics such as macroeconomics, emerging markets, Prague, energy sector including renewable, Led Zeppelin, financial services, as well as tech start-ups and innovative technologies. Email him at [email protected] 

 

RO will issue more Eurobonds this year only if SURE money doesn’t come in time

Romania's Finance Ministry has planned to borrow RON 80.4 billion (EUR 16.5 bln) from the domestic market and EUR 9.3 billion from foreign markets this year, according to a presentation for foreign investors, consulted by Profit.ro.

The planning suggests that Romania will issue new Eurobonds only if the money earmarked by the European Union under the SURE program aimed at supporting the labor market, doesn't come in time to finance this year's budget, the publication argues.

The timing of Romania's next Eurobond issue also depends on the market conditions (hence on the economic stimulus packages in the US and EU) and the actions taken by the major rating agencies.

Moody's on October 23, followed by Fitch one week after on October 30, and S&P later on December 6, are supposed to issue update reports on Romania. All of them will have to decide whether to keep the country's debt in the investment-grade category.

The Government seems not to rely on more Eurobond money this year. Thus, the RON 80.4 bln plus the EUR 9.3 bln sums up to some RON 126 bln, RON 13 bln less than the total financing requirements estimated by the Government.

The EUR 3 bln Eurobond issued in January, plus the EUR 3.3 bln issue in May and the USD 3.3 bln issue in July sum up to about the EUR 9.3 bln target for the whole year.

(Photo: Brad Wynnyk/ Dreamstime)

[email protected]

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Profile picture for user iuliane
Iulian Ernst
Senior Editor

Iulian studied physics at the University of Bucharest, and he sees himself as a physicist in the broadest sense of the word. He also studied economics at Charles University in Prague and Central European University in Budapest, after a master’s program in business administration at Bucharest Academy of Economic Studies. Since recently, he’s been exploring coding and data analysis for business and economics. As a freelancer, he worked for nearly two decades as an analyst for ISI Emerging Markets, Euromonitor International, Business New Europe, but also as a consultant for OMV Petrom and UkrAgroConsult. Iulian was part of the founding team of Ziarul Financiar. At Romania Insider, which he joined in 2018, he is reviewing the latest economic developments for the premium bulletins and newsletters. He would gladly discuss topics such as macroeconomics, emerging markets, Prague, energy sector including renewable, Led Zeppelin, financial services, as well as tech start-ups and innovative technologies. Email him at [email protected] 

 

RO will issue more Eurobonds this year only if SURE money doesn’t come in time

Romania's Finance Ministry has planned to borrow RON 80.4 billion (EUR 16.5 bln) from the domestic market and EUR 9.3 billion from foreign markets this year, according to a presentation for foreign investors, consulted by Profit.ro.

The planning suggests that Romania will issue new Eurobonds only if the money earmarked by the European Union under the SURE program aimed at supporting the labor market, doesn't come in time to finance this year's budget, the publication argues.

The timing of Romania's next Eurobond issue also depends on the market conditions (hence on the economic stimulus packages in the US and EU) and the actions taken by the major rating agencies.

Moody's on October 23, followed by Fitch one week after on October 30, and S&P later on December 6, are supposed to issue update reports on Romania. All of them will have to decide whether to keep the country's debt in the investment-grade category.

The Government seems not to rely on more Eurobond money this year. Thus, the RON 80.4 bln plus the EUR 9.3 bln sums up to some RON 126 bln, RON 13 bln less than the total financing requirements estimated by the Government.

The EUR 3 bln Eurobond issued in January, plus the EUR 3.3 bln issue in May and the USD 3.3 bln issue in July sum up to about the EUR 9.3 bln target for the whole year.

(Photo: Brad Wynnyk/ Dreamstime)

[email protected]

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