Romania
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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. -
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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Romanian telecoms giant Digi issued an €800m bond this week, offering investors exposure to risky but fast-growing eastern European economies. Digi is joining the long list of companies taking advantage of exceptionally favourable refinancing conditions in European high yield.
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Romania sold €1.4bn 2% 2032s and €1.6bn 3.375% 2050s on Tuesday, managing to get away half of the country’s €6bn funding target for 2020 in one swoop.
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Two CEEMEA sovereigns are taking the plunge this week — the Kingdom of Saudi Arabia with a triple tranche dollar benchmark and Romania with a dual tranche euro bond.
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Globalworth, a Romania-headquartered real estate investment company, has secured a €200m revolving credit facility from a consortium of local and international lenders.
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Globalworth Real Estate Investments, the London-listed real estate investment trust focused on commercial properties in Romania and Poland, is preparing to raise up to €276.45m of fresh equity to finance its bulging pipeline of acquisitions.
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Standard & Poor's has affirmed Romania's investment grade rating, at BBB- with a stable outlook. The central European sovereign escaped a downgrade to junk status, but bond auctions this week will determine appetite for the credit.
