Romania
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Decent tightening expected for Romania dollars -
Rise in Romanian interest rates behind pair's widely different coupons
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Romania will sell a euro denominated bond on Wednesday, its second offering this year and its fourth of the last 12 months.
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Trans-Oil Group, a Moldova agriculture company, was in the market on Wednesday for a dollar bond. The issuer has a rocky history in debt markets, following a failed attempt at a debut bond in 2018.
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Romania this week returned to the international debt markets to issue euro-denominated bonds.
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Romania will need to make progress towards fiscal consolidation once a new government is formed, according to rating agencies, as it is now dangerously close to slipping into speculative grade territory.
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Bank lenders are hopeful that volumes across the typically active central and eastern Europe region will pick up, after what has been a disappointing year. This week Romanian meat processing company Carmistin Group raised a syndicated loan from a range of regional lenders, which is one of only five deals signed in the country this year.
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CEEMEA sovereign borrowers extended their last minute funding spree this week with Romania joining Ivory Coast in the primary bond market.
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Florin Cîțu, Romania’s finance minister, is in defiant mood as he speaks to GlobalMarkets from the campaign trail ahead of a busy election cycle. The previous day, September 22, parliament had voted to amend the budget to increase pensions by 40% — instead of the 14% increase that the National Liberal Party (PNL)-led government, which has a minority in parliament, had implemented.
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Romania’s promotion to secondary emerging market status in the FTSE Russell EM index is the spark its capital markets desperately need in order to grow, experts have said.
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