Romania
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The trade was priced tight and achieved an impressive outcome, thought one observer -
Poland's second tier two deal and Romania's debut sub debt may come this week
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BCR deal marks a first from Romania
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Lenders believe year ahead may not be as robust unless event-driven M&A takes place
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The company's second trade is very popular with buyers, like its 2024 debut
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The company is one of very few Romanian companies to issue overseas
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Leads said no new issue premium was required, but attrition was large
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If Romania can tackle its deficit then government and state-owned issuer borrowing costs will fall
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New issue premiums were slim on the dollar bonds and euro tap, despite the huge combined size
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Romania's sovereign bonds have enjoyed a rally after May's election
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Spread for Romanian utility's deal set flat to fair value with books over 10 times covered
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Romgaz trades flat to Romania's sovereign
