By Rebecca Melvin
New York, Jan. 22 – Romania, acting through the Ministry of Public Finance, priced €3 billion of notes in tranches due in 12 and 30 years (expected ratings: Baa3/BBB-/BBB-) on Tuesday, according to a syndicate source.
The €1.4 billion tranche of 2% notes due 2032 priced at 99.736 to yield 2.025%, or a yield spread of mid-swaps plus 180 basis points. That pricing was tightened from initial talk for a spread of mid-swaps plus 210 bps.
The €1.6 billion of 3 3/8% notes due 2050 priced at 99.702 for a yield of 3.391% or a spread over mid-swaps of 285 bps. That pricing was tightened from guidance for a yield spread in the mid-swaps plus 315 bps area.
The book size for each tranche at the final spread was about €4.8 billion.
BNP Paribas (billing and delivery), Citigroup, Raiffeisen Bank International, Societe Generale and Unicredit are bookrunners of the Rule 144A and Regulation S notes.
| Issuer: | Romania
|
| Description: | Notes
|
| Total amount: | €3 billion
|
| Bookrunners: | BNP Paribas (billing and delivery), Citigroup, Raiffeisen Bank International, Societe Generale and Unicredit
|
| Pricing date: | Jan. 21
|
| Settlement date: | Jan. 28
|
| Expected ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Notes due 2032
|
| Amount: | €1.4 billion
|
| Maturity: | Jan. 28, 2032
|
| Coupon: | 2%
|
| Price: | 99.736
|
| Yield: | 2.025%
|
| Spread: | 180 bps over mid-swaps
|
| Price talk: | Initial price talk of mid-swaps plus 210 bps
|
|
|
| Notes due 2050
|
| Amount: | €1.6 billion
|
| Maturity: | Jan. 28, 2050
|
| Coupon: | 3 3/8%
|
| Price: | 99.702
|
| Yield: | 3.391%
|
| Spread: | 285 bps over mid-swaps
|
| Price talk: | Initial price talk of mid-swaps plus 315 bps
|
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