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EXCLUSIVE: Romania To Launch First MTN Issue Late 2010/Early 2011

Romania's Finance Ministry will launch the first bond issue of its planned EUR7 billion medium term notes (MTNs) program at the end of 2010 or early 2011, according to the government’s letter of intent that will be sent to the International Monetary Fund.
EXCLUSIVE: Romania To Launch First MTN Issue Late 2010/Early 2011
Oana Gavrila
17 nov. 2010, 14:50, English

„Our financing strategy will focus on extending the maturity of our domestic debt and consolidating the financial buffers (…). We also plan to launch a euro medium term notes program in late 2010 or early 2011 to maintain our presence on international markets under more flexible issuance procedures,” the government said in the letter, which was obtained by MEDIAFAX Tuesday.

Romania’s most recent international debt sale took place in March, when the country raised EUR1 billion via a five-year Eurobond that carried a 5% coupon.

„We are firmly committed to stabilize our financial buffers over the coming months and to gradually increase them to around 4 months of financing needs,” the cited letter noted.

Romania selected Austria’s Erste Group Bank AG (EBS.RO) and French Societe Generale to handle its medium-term financing program.