Morning Commentary: Romania prices €3 billion notes; pipeline eyed amid softer market

By Rebecca Melvin

New York, March 28 – Romania’s new triple trancher of euro notes was in the market on Thursday after pricing well tight of initial talk.

Romania’s €1.15 billion of long seven-year notes priced at 99.078 to yield 2.132%, or a spread of mid-swaps plus 190 basis points, which shaved 25 bps from initial price talk. The €500 million of 15-year notes priced to yield mid-swaps plus 285 bps compared to plus 306 bps initially, and the €1.35 billion tranche of 30-year notes priced to yield mid-swaps plus 365 bps compared to mid-swaps plus 390 bps initially.

Additional deals in the pipeline weren’t yet heard to be pricing as the market remained “a bit softer” in the last few sessions compared to last week, a London-based market source said.

Among other deals, market players were watching for the Middle East and Africa, Central & Eastern Europe regions where deals were expected from National Bank of Ras Al Khaimah (Rakbank), Transoil, Alrosa Co. Ltd. and a euro-ruble deal from JSC Russian Railways.

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