Cehia s-a imprumutat astazi, pe 10 ani, a atras 2 miliarde de Euro, pe 10 ani, cu un randament pentru investitori de 3,997%.
In urma cu 2 saptamani, Romania s-a imprumutat, tot pe 10 ani, platind un cupon de aproape 7% pentru o emisiune de 1.5 miliarde dolari. In Euro, randamentul ar fi insemnat mai mult de 8% pe an.
Spre comparatie, Cehia, s-a imprumutat la jumatate de pret. Acesta este un imprumut de succes. Cel pe care l-a facut Romania este scump, ineficient, la limita competentei. Cine raspunde?
Voi reveni, pe larg.
Pana atunci, mai multe detalii, aici:
Erste Group successfully manages issue of Czech Republic EUR 2.0 bn bond
• Czech Republic capitalized on its strong fundamentals and reform pace, which were positively received by the investors during the pan-European road-show
• Very good demand for the Czech sovereign bonds offering: total orders of approx. EUR 3.5bn from over 190 investors
• High quality and granular investor demand evenly spread all over Europe
Erste Group Bank AG (“Erste Group”) through its subsidiary Ceská sporitelna successfully managed a EUR 2.0 bn issue of a 10-year Czech government bond as Joint Lead Manager and Joint Bookrunner. The issue, which carries a coupon of 3.875% and is due 24 May 2022, was priced at a re-offer price of 99.169% to provide a yield of 3.997%. The strong fundamentals of the country generated major interest from investors in Europe and allowed to price the offering at mid-swaps +160 bps, at the very tight end of the initial spread guidance. The Eurobond was issued off of the Czech Republic’s EUR 10 bn EMTN Programme, updated on February, 10th 2012.
“CEE government bonds and in particular the Czech ones provide a reasonable reward to investors at a time when sovereign bonds of the core euro area countries have become extremely expensive and offer very low yields,” explains Franz Hochstrasser, Deputy CEO of Erste Group. “Equally important, investors regard Czech bonds as a top-notch asset which is more crisis-resistant than other European sovereigns, and this will make a difference should market turbulences persist, “added Hochstrasser.
The strong fundamentals of the country as one of the lowest indebted nations in the European Union enabled the Czech Republic to place its new issue with a very limited issue premium of approximately 5-7bps above the outstanding Czech sovereign bonds. This new issue premium is one of the lowest seen in 2012 so far in the sovereign market and underpins the attractiveness of the Czech Republic as an issuer, thanks to both its high credit profile and its scarcity value.
According to Erste Group analysts, the extension of the average maturity of outstanding debt is one of the main reasons why debt agencies in CEE are eager to issue Eurobonds. The average maturity of government securities still is relatively short in CEE, about 4 years on average, compared to 6-7 years for major Euro Area countries. The longest average maturity is seen in the Czech Republic, where the inflation rate is more predictable and the domestic investor base much broader than in countries which still have to liberalize prices (i.e. Romania) or develop their local capital markets.