Banca Comerciala Romana (BCR) has successfully printed a new senior non-preferred bond issuance of 600 million lei, continuing its strategy towards expanding its financing sources and contributing to the development of the capital market in Romania. The bank has printed in the two past years an amount of 2.7 billion lei in bond issuance, being one the most active issuers on the Bucharest Stock Exchange. The issuance represents senior non-preferred notes, with a 7-year maturity, while plans are for it to be listed on the Bucharest Stock Exchange. The notes have been assigned an expected long-term rating of BBB+ by Fitch. The book building process attracted an extremely strong interest from investors, hence the deal was successfully priced at a coupon of 5.98%, also reflecting the solid performance of the bank. The distribution was balanced between pension funds, asset managers, insurance companies, credit institutions – and benefitted from the participation of European Bank for Reconstruction and Development (EBRD) and International Finance Corporation (IFC). “We are consistent and commited to our journey of having reccurent bond issuance. It’s our forth substantial bond issuance in lei, including a green bond issuance, in the past two years. The Romanian capital market it’s becoming more attractive to strategic investors, with a long term vision, and I want to thank all contributors to this initiative for believing in our vision for the sustainable transformation of the economy”, stated Sergiu Manea, CEO of Banca Comerciala Romana. The bond issuance has shown its early success when, at the end of the first subscription day, the order book was well covered by more than two times above the 400 million lei amount targeted. On the second day the order book was significantly oversubscribed at more than 1 billion RON, leading to the decision to close the book early and to increase the issued amount to RON 600 million. With this issuance, BCR took another step forward towards the compliance with the EU regulations on the minimum capacity that banks must have in order to absorb the losses, the Minimum Requirements of own funds and Eligible Liabilities (MREL) and MREL guidelines in line with targeted resolution strategy.
Electroputere VFU Pașcani, part of the group of private railway companies Grampet, presented on June 19 the diesel multiple unit (DMU) named Leon. The train, designed and made by Electroputere VFU Paşcani, is the first DMU entirely made in Romania in the last 80 years, the company explained. The three-car DMU has 145 seats, including […]
Forvis Mazars, the international audit, tax and advisory services partnership, announced the launch of its International German-Romanian Desk, an initiative aimed at addressing the demand for integrated cross-border tax and legal support between Germany and Romania on Thursday, June 19. According to the company, the Desk combines a highly qualified German team of lawyers with […]
Simtel (BVB: SMTL), an engineering and technology group listed on the Main Market of the Bucharest Stock Exchange, announced on Thursday, June 19, that the Romanian Financial Supervisory Authority has approved the base prospectus for a corporate bond program of up to EUR 30 million. The program allows Simtel to issue bonds in multiple tranches […]
Romania's efforts to stabilize its fiscal position and finalize a new ruling coalition have been delayed after president Nicușor Dan rejected a proposed VAT rate increase central to a budgetary corrective package agreed by the four pro-Western parties,
A sword that may date back to the Bronze Age, roughly 3,500 years ago, was found following searches carried out in a case of aggravated theft, in the commune of Corbasca, Bacău County. The searches targeted the home of a 61-year-old man suspected of illegally possessing a cultural asset likely to be part of the […]
The construction works volume in Romania decreased by 0.5% y/y in gross terms and by 2.8% in workday and seasonal adjusted terms in April, after it boasted a robust 10.6% y/y advance in Q1 (largely on low base effects), according to data published by the statistics office. By type of construction, engineering works—representing approximately 45% […]
