Romanian state-owned natural gas producer Romgaz is set to list its first bond issue, valued at €500 million, on the Bucharest Stock Exchange on November 19. The funds raised from the bond will support the financing of the Neptun Deep offshore gas project.
Last month, Romgaz successfully issued the first tranche of a €1.5 billion foreign currency (FX) bond aimed at financing its investment plans. Investor demand for the bond exceeded supply by more than tenfold, with the bond being awarded an interest rate of 4.776%.
The bond, initially launched on the Luxembourg Exchange, was trading 0.82% above par at the end of last week, yielding 4.56%. The five-year bond has a coupon rate of 4.75%.
Romgaz, which has a market capitalization of approximately €4.3 billion, is 70% controlled by the Romanian state through the Ministry of Energy.