Romania

Romania was offering a 20bp new issue premium for both a new 10 year euro bond and a re-opening of its existing 2035s on Monday morning, according to a lead banker.

Spearhead International, a central and eastern Europe based agriculture company, has signed its first syndicated loan for €167m.

Mid Europa Partners’ Lei1.4bn (€305m) loan for the buyout of Romanian supermarket chain Profi Rom Food has been oversubscribed, allowing the pricing on each tranche to be cut by 30bp.

Mid Europa Partner’s syndicated loan, which will finance its purchase of Romanian supermarket chain Profi Rom Food, is set to be finalised by the end of the week according to a banker on the deal.

Syndication for a loan backing Mid Europa Partners’ acquisition of Romanian retail chain Profi Rom Food is gathering momentum, with as many as 11 banks said to be working through approvals for the deal.

Commitments are due by February 13 on a loan backing Mid Europa Partners’ acquisition of Romanian retail chain Profi Rom Food, as banks aim to close the deal by the end of the month.

A loan backing Mid Europa Partners’ acquisition of Romanian retail chain Profi Rom Food is attracting strong interest, according to bankers involved, with a meeting in Bucharest on Tuesday to discuss the deal heavily attended.

Pehart Tec Group, a Romanian tissue paper manufacturer, has agreed a €24m syndicated loan with three banks.

General syndication has begun on loan facilities backing Mid Europa Partners’ acquisition of Romanian retail chain Profi Rom Food.

The economic growth of the last five years is great for Romania, but is just the beginning, said Dacian Cioloş, Prime Minister of Romania, at an event in Bucharest organised by the Ministry of Public Finance and GlobalCapital. The country has to translate growth into development, to redress the inequalities between richer and poorer classes and regions. That means building a more productive, high value added economy, with investment in research and innovation; fighting corruption; improving governance at state companies; making the public administration more efficient; and stronger education and training. Above all, Romania must focus on generating prosperity for the younger generation.

Romania is in its best shape, economically, for a decade. With the budget deficit under control and employment growing, the prospects look bright, argued Anca Dragu, Minister of Public Finance, at an event in Bucharest organised by the ministry and GlobalCapital. The government is striving to make the public finances more transparent, with granular details of spending and revenue published online, and is trying to simplify taxation and cut red tape. Risks include Brexit, domestic demand outstripping supply and bottlenecks slowing down the process of reform and investment.

Europe must take the wake-up call of the UK referendum seriously, argued Germany’s Finance Minister, Wolfgang Schäuble, at a high level meeting in Bucharest organised by the Romanian Ministry of Public Finance and GlobalCapital.