October 21, 2015 / 12:17 PM / 4 years ago

Demand in excess of 5.5bn for Romania dual-tranche

LONDON, Oct 21 (IFR) - The order book on Romania’s dual-tranche bond is above 5.5bn, with demand skewed towards the 10-year according to a lead manager.

Guidance on the 10-year tranche has been revised tighter to 190bp-195bp over mid-swaps (to price in range) while guidance on the 20-year has been set at 245bp over.

The sovereign set guidance of 200bp area over mid-swaps on the 10-year earlier on Wednesday. The 20-year bond was marketed 50bp area differential above the 10-year spread.

Citigroup, HSBC, Raiffeisen Bank International and UniCredit are running the Reg S/144A transaction, which is expected to be Wednesday’s business.

Romania is rated Baa3 by Moody’s and BBB- by Standard & Poor’s and Fitch. (Reporting by Helene Durand)

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