Romania

Standard & Poor’s is due to opine on Romania’s creditworthiness after markets close on Friday, though analysts think the sovereign will be strong enough to hold on to its investment grade rating despite major political upheaval.

Romania entered a crowded euro bond market on Tuesday, with 12 and 30 year papers. The deals may be among the last euro issues from the emerging markets before the summer lull.

Alpha Bank’s subsidiary in Romania has issued its inaugural covered bond (CB) — the first from the country. The ground-breaking deal represents an important milestone in the development of the Romanian capital market and helps diversify the bank’s funding.

Alpha Bank Romania plans to issue the first covered bond from Romania under the country’s newly established legal framework.

Globalworth Real Estate, the London-listed real estate investment trust focused on Romania and Poland, has completed the sale of up to €500m of fresh equity to finance its pipeline of investment opportunities.

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Romania printed a €3bn triple trancher this week, the country’s largest ever euro deal, with one of the three tranches also being the longest ever euro bond from the country.

Romania has released initial price guidance for its euro triple tranche bond, a deal which is expected to total over €2bn and includes the sovereign’s first ever euro 30 year bond.

Banks with large exposures in Romania took a beating in the financial markets on Wednesday, after the country’s government unveiled plans to introduce a new tax on banking assets.

Alpha Bank Romania is preparing to sell a new deal in euros in the first quarter of 2019, in what would be the first ever issuance of covered bonds from the country.

Romania was able to cut the spreads on both tranches of its euro benchmark on Thursday.

Romania hit screens on Thursday morning for its second dual tranche euro benchmark of the year.