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Romania borrows 3.3 billion US dollars in foreign capital markets

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Romania has recently borrowed 3.3 billion US dollars from foreign capital markets, after two years of absence on this market, the amount representing the largest volume attracted in dollars, according to a statement of the Ministry of Public Finance, submitted on Wednesday, to AGERPRES.

The funds related to this transaction were cashed on Tuesday, July 14.

"The Eurobond issue launched on July 7, 2020 by the Ministry of Public Finance enjoyed a special interest from investors, Romania returning to the USD market for the first time since 2018. The transaction reconfirmed Romania's position as a sophisticated sovereign issuer on foreign capital markets, and some of the points of interest of the issue are: the first Eurobond transaction denominated in USD carried out by Romania in 2020, with a double tranche, one worth 1.3 billion US dollars, carrying a 10-year maturity and one worth 2 billion US dollars, carrying a 30-year maturity, after the two transactions made in the first half of the year which were denominated in EUR. It is the first transaction in US dollars made by Romania after 2 years of absence from this market, being the largest volume attracted on foreign capital markets in US dollars," reads the MFP release.

"The success of the recent transaction shows the interest of investors in the securities issued by Romania in US dollars, as well as their confidence in our country's ability to respond to the crisis generated by the COVID-19 pandemic and in the current Government's medium-term economic recovery plan. The loan will be used to cover the growing financing needs, resulting from the budget deficit and the volume of public debt refinancing," said Florin Citu, Minister of Public Finance.

The total value of the issue amounted to 3.3 billion US dollars, with a final subscription of 7.4 billion dollars, with the participation of over 400 investors.

The issue was made in two tranches, of which one worth 1.3 billion US dollars with a 10-year maturity, with a yield of 3.045% and an interest rate of 3.00% per annum and one worth 2 billion dollars with a maturity of 30 years, a yield of 4.00% and an interest rate of 4.00% per annum.

The transaction was brokered by Citigroup Global Markets Limited, Erste Group Bank AG, HSBC Bank PLC, ING Bank N.V., J.P. Morgan Securities PLC and Raiffeisen Bank International AG.

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