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Erste Bank to sell leu-denominated bonds, more than 40 mln euros worth

Erste Bank, the majority shareholder of the Romanian Commercial Bank (BCR), is to start this week the second stage of its programme to issue leu-denominated bonds, which will be worth 150 million lei (around 41.6 million euros), after the first stage was launched last week.

The bonds have a two-year maturity, and are sold with an interest rate based on the ROBOR reference rate of the Bucharest financial market plus a margin of 0.4 percent. The bonds yield interest starting with the date of issuance. Bond's nominal value is of 10,000 lei. The first stage of such bonds issued by Erste Bank der Oesterreichischen Sparkassen AG, leu-denominated and listed on the Vienna Bourse, has been completely sold. According to Erste Bank representatives, the first stage was a test 'to see how the market is responding'. The bonds were purchased by selected Romanian institutional investors and by private banking clients of the Austrian group. Where the capital will go has not been revealed, but it could be used to cover BCR's cash needs, or for direct funding from Erste Bank, Ziarul financiar daily reads on Wednesday. If successful, the bank could be encouraged to release further bond issues in the coming period. No other bank on the local market has issued leu-denominated bonds for around two years since the trend was first in full swing. Banks sell and list such bonds directly on the foreign markets, due to lower costs, as well as foreigners' appetite for placements in the domestic currency. Sursa: http://www.rompress.ro

Tags: bonds denominated erste bcr

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