Romania raises USD 1.5 billion in bond auction at fresh low yield

Newsroom 15/02/2013 | 15:19

The country has raised USD 1.5 billion from selling 10-year dollar bonds at a yield of 4.5, in an auction oversubscribed five times. The government said this was the cheapest loan secured on international markets since 1990.

Romania raised one year ago USD 1.5 billion in a similar bond issuance yielding at 6.6 percent. The country got USD 750 million later that year from reopening the bond auction at a yield of 6.45 percent.

“Coming hot on the heels of Hungary’s dollar bond sale, this shows the extent of the current appetite for higher- yielding European debt,” said Nicholas Spiro, managing director of Spiro Sovereign Strategy Ltd. in London, quoted by Bloomberg newswire.

“Romania is well positioned to take advantage of the ‘hunt for yield’ because of a combination of the anchor of European Union membership, the attractive carry and good cooperation with the International Monetary Fund.”

Romania has outperformed Hungary and Serbia on yields in the latest bond issuance, stated the government.

Ovidiu Posirca

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