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Romanian CEC Bank expands MTN Programme to EUR 1.5 bln

20 November 2024

CEC Bank, the largest state-owned bank in Romania, announced on November 19 at the Bucharest Exchange (BVB) that it prepared a prospectus to update the existing medium-term bond program (MTN Programme), approved by the Luxembourg financial sector supervisor (CSSF), in the sense of increasing its planned size from the equivalent of EUR 600 million to EUR 1.5 billion.

"The MTN program was initially set on December 21, 2022, for an amount of EUR 600 million. The total value of the MTN Program has been increased to the equivalent of EUR 1.5 billion, with drawdown options available in RON, EUR, and USD. The general terms and conditions of the MTN Program, which have been updated, are detailed in the current basic prospectus," notes the bank at BVB.

The basic prospectus allows additional issues within the MTN program for admission to trading on a regulated market and is valid for a period of 12 months from the date of approval by the CSSF.

Erste Bank Group and ING Bank are the appointed arrangers and dealers of the MTN Programme, while Dentons and Clifford Chance acted as legal advisors in connection with the establishment of the program and the update of the base prospectus through the offices in Bucharest and Frankfurt.

Previously, CEC Bank announced that it is redeeming in advance RON 660 million worth of bonds listed on the Bucharest Stock Exchange, two issues that had interest rates of 9% in lei and 7.5% in euros and maturity on December 30, 2025. The two bond issues were the first issued by CEC Bank at the Bucharest Stock Exchange, and the financing was used for general corporate purposes, including for liquidity and meeting MREL requirements, according to BVB. 

After these redemptions, CEC Bank is left with a bond issue due in 2028.

iulian@romania-insider.com

(Photo source: Emilio100/Dreamstime.com)

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Romanian CEC Bank expands MTN Programme to EUR 1.5 bln

20 November 2024

CEC Bank, the largest state-owned bank in Romania, announced on November 19 at the Bucharest Exchange (BVB) that it prepared a prospectus to update the existing medium-term bond program (MTN Programme), approved by the Luxembourg financial sector supervisor (CSSF), in the sense of increasing its planned size from the equivalent of EUR 600 million to EUR 1.5 billion.

"The MTN program was initially set on December 21, 2022, for an amount of EUR 600 million. The total value of the MTN Program has been increased to the equivalent of EUR 1.5 billion, with drawdown options available in RON, EUR, and USD. The general terms and conditions of the MTN Program, which have been updated, are detailed in the current basic prospectus," notes the bank at BVB.

The basic prospectus allows additional issues within the MTN program for admission to trading on a regulated market and is valid for a period of 12 months from the date of approval by the CSSF.

Erste Bank Group and ING Bank are the appointed arrangers and dealers of the MTN Programme, while Dentons and Clifford Chance acted as legal advisors in connection with the establishment of the program and the update of the base prospectus through the offices in Bucharest and Frankfurt.

Previously, CEC Bank announced that it is redeeming in advance RON 660 million worth of bonds listed on the Bucharest Stock Exchange, two issues that had interest rates of 9% in lei and 7.5% in euros and maturity on December 30, 2025. The two bond issues were the first issued by CEC Bank at the Bucharest Stock Exchange, and the financing was used for general corporate purposes, including for liquidity and meeting MREL requirements, according to BVB. 

After these redemptions, CEC Bank is left with a bond issue due in 2028.

iulian@romania-insider.com

(Photo source: Emilio100/Dreamstime.com)

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