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Romania will launch 1 billion euros worth of EurobondsUpdated: 10-03-2010 | Financial and Banking
Romanian Central Bank (BNR) vice-governor Cristian Popa and Finance minister Sebastian Vladescu have stared on Monday, March 8 2010, a promotion tour: Romania will launch a Eurobonds issue on foreign markets. "Technically speaking, these road-shows used to be meetings between Romania's reps with foreign investors - banks, risk funds s.a. Romania's representatives will introduce a kind of Memorandum, describing Romania's economic situation, the agreements that Romania has with international institutions, Eurobonds emission history and several estimated conditions addressing the actual Eurobonds issue", ex-Finance minister Daniel Daianu said.
The interest for Romanian Eurobonds will be clear at the road-show finale"Banks representatives handling the entire issuing process will be present at the meetings. In their turn, foreigners will put together their due-diligence report that helps form an opinion on the Romanian economy evolution. After meetings and discussions would have taken place, Romania will realise if there interest exists, if an issue would be over-subscribed or on the contrary. The offer conditions are corrected according to this aspect ", professor Daianu states.
The Eurobonds issue had been prepared by the Romanian Finance Ministry (MFP) for October last year, but because of the political crisis context it has been postponed for 2010. Greece was also planning a similar road-show for February this year, but because of the sudden degradation of their economy, the issue was cancelled.
The MFP for 2010 targets loans both on the inner market, as well as on the foreign market. For state titles in lei, the Romanian currency, MFP will test the market with issues on 10 years. Last year, MFP attracted 64.7 bln from the inner market.
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