Commentary & Deal Flow

Reoffer: 4yr: MS+190bp / 99.979 / 5.256% 8yr: MS+285bp / 99.403 / 6.222% 12yr: MS+335bp / 99.735 / 6.783%
Benchmark: 4yr: OBL 2.2 10-Oct-30 #192 @ 99.788 / B+217.7bp 8yr: DBR 2.6 15-Aug-34 @ 95.829 / B+300.8bp 12yr: DBR 1 15-May-38 @ 77.237 / B+336bp

Tranche 1 (4yr): Final Books > €1.9bn (excl JLM int). Peak book > €2.1bn (excl JLM int)
Tranche 2 (8yr): Final Books > €3.4bn (excl JLM int). Peak book > €3.8bn (excl JLM int)
Tranche 3 (12yr): Final Books > €1.8bn (excl JLM int). Peak book > €2.6bn (excl JLM int)

Launched:
4yr: €1.25bn @ MS+190bp - Book > €2.1bn excl JLM int
8yr: €2bn @ MS+285bp - Book > €3.6bn excl JLM int
12yr: €1.25bn @ MS+335bp - Book > €2.0bn excl JLM int
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: €1.25bn
  • 8yr: €2bn
  • 12yr: €1.25bn
• Reoffer:
  • 4yr: MS+190bp / 5.256% / 99.979
  • 8yr: MS+285bp / 6.222% / 99.403
  • 12yr: MS+335bp / 6.783% / 99.735
• Coupon:
  • 4yr: 5.25% Fixed, annual act/act
  • 8yr: 6.125% Fixed, annual act/act
  • 12yr: 6.75% Fixed, annual act/act
• Benchmark:
  • 4yr: OBL 2.2 10-Oct-30 #192 / 99.788 B+217.7
  • 8yr: DBR 2.6 15-Aug-34 / 95.829 B+300.8
  • 12yr: DBR 1 15-May-38 / 77.237 B+336
• Settlement: 09-Nov-26 (T+5)
• Denominations: €1k+1k
• Governing Law: English
• Listing: Luxembourg Stock Exchange
• Use of Proceeds:
  • 4yr: The net proceeds of the issue of the Notes will be used for budget deficit financing and public debt refinancing
  • 8yr: The net proceeds of the issue of the Notes will be used for budget deficit financing and public debt refinancing
  • 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)
• Green Bond Documents: The Sovereign Green Bond Framework of the Government of Romania and SPO are available on the issuer's website
• Bookrunners: BofA Securities / Citi / Deutsche Bank (B&D) / ING / J.P. Morgan / Societe Generale
• Green Structuring Bank: Citi
• Timing: TOE 21.08 UKT / FTT 8am UKT 03-Nov subj to TS
• 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