This is the first bond issuance of the bank in Romania’s local currency and it is addressed to individual and foreign investors, via a double listing, at Bucharest Stock Exchange and London Stock Exchange.
“The further development of a domestic capital market will have long-term benefits for the Romanian economy”, said Claudia Pendred, EBRD Director for Romania.
The Bank’s RON 115 million bond has a 10-year maturity and pays a coupon of 11.25 per cent, with an issue price of 100%. The issue is lead-managed by Société Générale. The bonds will be cleared through Clearstream, Euroclear and the Romanian Central Depositary.
The issue reflects the importance of developing a domestic capital market in local currency. The need for deep domestic markets has been highlighted by the current crisis where an over-reliance on foreign currency debt has exacerbated instability, said Manfred Schepers EBRD Vice President Finance.
The analysts expect the bonds issued by European Bank for Reconstruction and Development to be rated “Aaa” by Moody’s Investors Service and “AAA” by Standard&Poor and Fitch Rating.
The European Bank, who tries to stimulate the growth of Eastern European countries and from former Soviet Union, has invested nearly 3.8 billion euros so far in 249 projects in Romania and helped mobilise a further 7.2 billion euro from external sources, reads the EBRD press release.
In lipsa unui acord scris din partea InternetCorp, puteti prelua maxim 500 de caractere din acest articol daca precizati sursa si daca inserati vizibil linkul articolului EBRD issues bonds in lei to assist in the development of local capital markets.