Commentary & Deal Flow

Romania, acting through the Ministry of Finance (ROMANI) Baa3/BBB-/BBB- (n/n/n) US$5.51bn-equivalent 144A/Reg S (Cat 1), (Registered form, under the GMTN programme), 3-part sr notes (US$2bn due 09/16/30, US$1.75bn due 05/16/36, EUR1.5bn tap of 6.75% 07/11/39). BofA/Citi (B&D)/Erste/JPM/RBI/SG joint books. Denoms: 2,000 x 2,000 (USD tranches), 1,000 x 1,000 (EUR tap). List Lux. English law. UOP: budget deficit financing and redemption of public debt. ISIN: L5y US77586RAY62; L10y US77586RAX89; EUR 2039 tap XS3021378461. Priced 07/09. Settle 07/16.

IPTs: L5y T+225bp area, L10y T+270bp area, 2039 tap MS+415bp area

Guidance: L5y T+195bp area, L10y T+240bp area, 2039 tap MS+385bp area

Launch: L5y $2bn at T+185bp, L10y $1.75bn at T+230bp, EUR1.5bn 2039 tap MS+375bp

Books: L5y $3.8bn+, L10y $2.9bn+, 2039 tap EUR3.1bn+

Priced:

$2bn 5.75% 09/16/30 99.885 5.772% T+185bp

$1.75bn 6.625% 05/16/36 99.812 6.642% T+230bp

EUR1.5bn 6.75% 07/11/39 101.864 6.53% MS+375bp (total outstanding EUR2bn)