Romania could finish 2013 funding with euro benchmark
Romania opened books on a benchmark Reg S euro deal on Thursday morning and is aiming to price the seven year transaction in the afternoon. A €1bn bond would round off the sovereign’s borrowing programme for the year and it is offering a decent spread that should bring in buyers, said bankers away from the bond.
Bookrunners Citi, Deutsche Bank, HSBC and Société Générale approached investors with initial price thoughts in the low 300bp over mid-swaps area. They revised this to 295bp-305bp with orders of more than $5bn.
The best price comparable is the sovereign’s 4.875% November 2019 bond, which was trading around 260bp over
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