IIB again awarded for contribution to development of Romania’s corporate bonds market
For the second year in a row, the International Investment Bank (IIB) has been awarded by the Romanian Stockbrokers’ Association for its contribution to the development of Romania’s corporate bonds market. The prize was handed out to Julia Slusar, IIB Director of Structured and Debt Finance Department, during the Association’s 15th Capital Market Awards Gala.
The IIB entered the local debt market for the second time this year, having successfully placed its RON 300 million (more than EUR 65 million) bond issue on the Bucharest Stock Exchange. The placement was organised by BT Capital Partners S.A. jointly with Banca Comerciala Romana S.A. (ERSTE Group). The success of the placement was confirmed by the more than twofold oversubscription during the bookbuilding and by the demand for the securities not only from institutional investors from Romania, but also from Germany, Austria, Czech Republic and Croatia.
The IIB plans to use the raised funds for financing of Romanian transactions, increasing its project pipeline in the country. In this respect, the Bank participated in October 2016 in the primary bond placement of the Cable Communication Systems N.V. (CCS), one of the largest telecommunications corporations in South-Eastern Europe and the largest cable and satellite television company in Romania, in the amount of EUR 14.5 million.
“One of the areas of IIB's activities within raising funding through bond placements is support of the development of local debt capital markets of our shareholder countries. The award from the Romanian Stockbrokers’ Association once again confirms the need for such strategic approach towards the Bank’s debt funding policy focused on investment cooperation and fostering social and economic growth in the interest of our member states,” - commented Denis Ivanov, Deputy Chairman of the IIB Board.
The IIB systematically grows its investments into the Romanian economy, successfully raises funds on the local market and regularly holds presentations of its products and services in the country. Aside from significant treasury operations such as the purchase of CCS’ securities, since the beginning of IIB’s reform in 2012 the volume of signed agreements in relation to the Bank’s investments into Romanian entities has exceeded EUR 60 million, with a promising pipeline, and the funding raised on the Bucharest Stock Exchange reached RON 411 million (around EUR 90 million).