PeliFilip, working with Linklaters, has advised the Romanian Ministry of Public Finance on a two-tranche Eurobonds issue which attracted EUR 1.75 billion from international markets. Clifford Chance Badea provided legal assistance to the bank syndicate, which included Barclays Bank PLC, Citigroup Global Markets Limited, Erste Group Bank AG, Societe Generale, and ING Bank NV.
The first tranche, worth EUR 1 billion, represented a new issue, with a maturity of 10 years and a coupon of 2.375%, while the second, worth EUR 750 million, was a re-opening of the issue launched in October 2015, with a maturity of 20 years and a coupon of 3.875%.
The total offer reached EUR 2.86 billion with 136 orders placed to re-open the issue and 145 orders placed for the new issue. The investors came from Romania (21%), CEE (18%), Germany/Austria (15%), UK (14%), Italy (8%), US (6%), Benelux (5%), Scandinavia (5%), Asia and Middle East (3%), and others (5%).
Romania is more and more appreciated by international investors as strongly proven by the latest issue," said PeliFilip Partner Alexandru Birsan, who coordinated the firm's team on the deal. "In fact, Romania is now financing itself at costs that also make us optimistic about the country’s rating – investors are practically acting as if we were already ranked better. This is excellent and fills us with hope regarding the improvement of investors’ perspective upon us."
Birsan was supported by PeliFilip Senior Associates Monica Statescu and Ana Andreiana.
The Linklaters team was led by London-based Partner Ben Dulieu.
The Clifford Chance Badea team was coordinated by Counsel Cosmin Anghel, working with London-based Clifford Chance Partners David Dunnigan and Bob Trefny.