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Romania Sells EUR1B 5-Yr Eurobond At 5.17% Yield

Romania sold five-year euro-denominated bonds worth EUR1 billion at an annual yield of 5.17%, 268 basis points above the mid-swap rate, a Finance Ministry official said Thursday.
Romania Sells EUR1B 5-Yr Eurobond At 5.17% Yield
11 mart. 2010, 19:26, English

The issue was heavily oversubscribed, the ministry’s state secretary Bogdan Dragoi told MEDIAFAX.

„The final offers were at EUR4.9 billion, nearly five times the issue’s value. The 5% coupon is a record for Romania and it’s a good price for issuances in the region,” Dragoi said.

Deutsche Bank, EFG Eurobank and HSBC Bank acted as joint lead managers for the Eurobond.

It is Romania’s first international tender since June 2008, when the country sold EUR750 million in 10 years euro-denominated paper at a 6.5% annual yield.

The 2018 bonds currently trade at 265 bps above the mid-swaps.

Romania’s debt is rated at Baa3 by Moody’s and at BB+ by both Standard and Poor’s and Fitch Ratings.