Commentary & Deal Flow

Spread set at:
4yr: MS+190bp - Book > €2.1bn excl JLM int
8yr: MS+285bp - Book > €3.8bn excl JLM int
12yr: MS+335bp - Book > €2.6bn excl JLM int

Guidance:
4yr: MS+195a - Book > €1.7bn excl JLM int
8yr: MS+290a - Book > €3.1bn excl JLM int
12yr: MS+340a - Book > €2.2bn excl JLM int
IPTs:
4yr: MS+210a
8yr: MS+310a
12yr: MS+360a

• Issuer: Romania, acting through the Ministry of Finance
• Ticker: ROMANI
• Rating: Baa3 (neg) / BBB- (neg) / BBB- (neg)
• Format: Reg S Cat 1 / Rule 144A, Registered form, under the GMTN Programme
• Currency: € / € / €
• Status:
  • 4yr: Senior Unsecured
  • 8yr: Senior Unsecured
  • 12yr: Senior Unsecured Green
• Maturity:
  • 4yr: 09-Nov-30
  • 8yr: 09-Nov-34
  • 12yr: 09-Nov-38
• Size:
  • 4yr: € Benchmark
  • 8yr: € Benchmark
  • 12yr: € Benchmark
• Use of Proceeds (12yr): An amount equivalent to the net proceeds of the issue of the Notes will be used to finance and/or refinance Eligible Green Projects (as defined in and as described in the Sovereign Green Bond Framework of the Government of Romania dated Dec-23)
• Coupon: Fixed, annual act/act
• Settlement: 09-Nov-26 (T+5)
• Denominations: €1k+1k
• Governing Law: English
• Listing: Luxembourg Stock Exchange
• Use of Proceeds (4yr/8yr): The net proceeds of the issue of the Notes will be used for budget deficit financing and public debt refinancing
• Green Bond Documents: The Sovereign Green Bond Framework of the Government of Romania and SPO are available on the issuers website
• Bookrunners: BofA Securities / Citi / Deutsche Bank (B&D) / ING / J.P. Morgan / Societe Generale
• Green Structuring Bank: Citi
• Schedule: Books open, Today's business
• ISIN:
  • 4yr: XS3562395122 / XS3562402191
  • 8yr: XS3562401037 / XS3562404999
  • 12yr: XS3562401896 / XS3562405962
• Common Code:
  • 4yr: 356239512 / 356240219
  • 8yr: 356240103 / 356240499
  • 12yr: 356240189 / 356240596
• Target Market: UK MiFIR/MiFID II: retail investors, professional investors and ECPs target market - Manufacturer target market is eligible counterparties and professional and retail clients (all distribution channels).
• Books Subject: 15.00 UKT / 10AM EST
• Expected Size: €4bn
• Hedges: No hedges