April 10, 2017 / 3:46 PM / 3 months ago

Romania launches €1.75bn dual-tranche bond offer

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LONDON, April 10 (IFR) - Romania is set to raise €1.75bn via a dual-tranche euro offering, according to a lead.

The sovereign has launched a new €1bn 10-year bond at 170bp over mid-swaps. The notes were initially marketed at 185bp area over, and guidance was set at plus 175bp-180bp.

Romania has launched a €750m reopening of its €1.25bn 3.875% notes due October 2035 at a yield of 3.55%. That compares to an initial marketing level of 3.65% area, and guidance at 3.60% area. The total outstanding size of the bond will increase to €2bn.

The aggregate order books were over €3.25bn at the last update, with a skew to the 10-year. The deal is today's business via Barclays, Citigroup, Erste Group, ING and Societe Generale.

Romania is rated Baa3/BBB-/BBB-. (Reporting by Robert Hogg; editing by Sudip Roy)

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