Romania

Globalworth Real Estate Investments, a fund which focuses on Romania, was out on Monday with guidance for its debut five year benchmark after a roadshow prolonged by European holidays.

Romania-focused Globalworth Real Estate Investment is due to meet investors for a potential euro denominated trade, in a period of narrow issuance windows due to a spate of public holidays.

Shares in Digi Communications, the recently listed Romanian telecoms and media group, closed below its IPO price on Thursday, after it confirmed on Wednesday that its CEO Serghei Bulgac had been included in a bribery and money laundering investigation that had already involved two senior executives and a former CEO.

Digi Communications, the fast-growing Romanian telecoms and media group, has successfully completed a €190m IPO, the first from the country this year, despite being hit during the bookbuild by news that some of its senior executives were being investigated for bribery and money laundering, and the fact that voting rights remain controlled by the founder.

A fresh IPO launch broke the quiet in the pre-Easter European equity capital market this week: and a very unusual one — the first Romanian flotation of the year. Digi Communications, a leading telecoms and media group, wants to float 25% of its equity in Bucharest.

Stellar funding conditions in emerging markets enabled Romania to print 10 and 18 year debt at record low yields on Monday.

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.