Commentary & Deal Flow

Romania, acting through the Ministry of Finance (Ticker: ROMANI), rated Baa3/BBB-/BBB- (n/n/n), benchmark 144A/Reg S (Cat 1) 3-part via BofA (B&D USD)/DB/Erste Group (B&D EUR)/ING/Raiffeisen/SG as joint books. Law: English. Listing: Luxembourg Stock Exchange. UOP: For budget deficit financing and redemption of public debt. Deal Roadshow: URL: https://dealroadshow.com Entry Code: ROMANI2026. Direct Link: https://dealroadshow.com/e/ROMANI2026. Pricing 2/25. Settle 3/4 (T+5).
- EUR benchmark 7y FXD due 3/4/33. Coupon: Fixed, annual act/act. Denoms: EUR 1k x 1k. IPTs: MS+250 area.
- EUR benchmark tap of 6.00% 9/24/44s. Coupon: Fixed, annual act/act. Denoms: EUR 1k x 1k. IPTs: MS+325 area.

- USD benchmark long 10y due 7/4/36. Coupon: Fixed, semi-annual 30/360 (Long First Coupon). Denoms: USD 2k x 2k. IPTs: UST+210 area.