Romania set to raise USD2bn via dual-tranche bond
LONDON, Jan 14 (IFR) - Romania is set to raise USD2bn through it upcoming dual-tranche bond issue, according to one of the lead managers.
The sovereign, Baa3/BB+/BBB-, has set final guidance of 220bp area (+/-5bp) over US Treasuries on the 10-year tenor and of 250bp area (+/-5bp) over Treasuries on the 30-year tenor.
Both came tight to initial price thoughts of plus 237.5bp area and plus 270bp area respectively released earlier on Tuesday.
The issuer has yet to announce how the total size will be split across the two tranches. The 30-year tranche represents the first time that Romania has sought to raise funds at such a long tenor. In doing so, it will join Hungary, Poland, Russia and Turkey among sovereigns in Central and Eastern Europe.
BNP Paribas, Citigroup and JP Morgan are the lead managers on the bond offering, which is being sold under the 144A/Reg S format and is expected to price later on Tuesday.
(Reporting by Davide Scigliuzzo; Editing by Sudip Roy)
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