Romania raised, on March 27, EUR 3 billion (1.5% of GDP) in three Eurobonds with maturities of 7 years (EUR 1.15 billion), 15 years (EUR 500 million), and 30 years (EUR 1.35 billion).

The yields in the three issues were set at 2.35% (2.15 percentage points, or pp above mid-swap) for the 7-year maturity, 3.65% (2.85pp above mid-swap) for the 15-year maturity and 4.65% (3.65pp above mid-swap) for the 30-year maturity.

Compared to the spreads above mid-swap agreed in the previous Eurobond issue, in October last year, Romania accepted on March 27 higher spreads, indicating higher country risk, despite S&P maintaining the sovereign rating and outlook. Compared to the indicative yields, which illustrate Treasury’s expectations, the country paid a slightly lower cost, though, for longer-term maturities (15 years and 30 years).

Citi, Erste, ING, JP Morgan and Société Générale acted as intermediaries for the Eurobond issue.

editor@romania-insider.com

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