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1. General Information
Macroeconomic Indicators and Projections*
2009
2010
2011
-6.6
-1.1
2.3
0.6
3.5 (1)
2.3
-7.3
-6.4
-4.3
-2,5
-1.56 (2)
2.2
-9.0
-6.8
-5.6
-3.0
-0.9
(F)
2.2
(3)
(10)
-4.2
-4.4
-4.5
-4.4
-1.1
5.6
6.1
5.8
3.33
3.98 (4)
2.4
8.00
6.25
6.00
5.25
3.5 (5)
4.24
4.21
4.24
4.46
4.42 (6)
4.45
(7)
5.3
-1.2
st
January 2014
0.8% 2.3%
9.1%
RON
EURO
USD
7.8
7.0
5.2
5.4
5.6
23.6
30.5
34.7
38.0
38.2 (8)
39.0
501.1
523.7
557.3
586.7
631.1 (9)
664.4
2013
Preliminary 2014 Forecast
annual figure
2012
JPY
Others
46.0%
41.9%
*Source: MoPF, NBR, NIS, NCP (1) end 2013 acc. to INS, (2) end Nov. (3) Figure refers to end 2013., (4) Jan-Dec 2013/Jan-Dec 2012 acc to NIS, (5) As of Nov.
2013 (6) average rate for Jan-Dec 2013, (7) end of Dec.. 2013, (8) end of Dec. 2013, (9) end 2013, acc NCP (10) source NCP
Credit rating
S&P
BB+
Fitch
BBB-
4.5097
4.5
4
3.5
3.2465
The State Treasury has built a fiscal buffer covering more than four months of gross financing needs.
By the end of January Romania has covered 24,4% of this years's gross funding needs (preliminary data).
3
2.5
Euro
Dollar
03
/0
1/
26 201
1
/0
2/
21 201
1
/0
4/
2
0
14
/0 11
6/
07 201
1
/0
8/
30 201
/0
1
9/
2
0
23
/1 11
1/
16 201
1
/0
1/
10 201
2
/0
3/
2
0
03
/0 12
5/
2
0
26
/0 12
6/
19 201
/0
2
8/
12 201
2
/1
0/
2
0
05
/1 12
2/
28 201
2
/0
1/
23 201
3
/0
3/
2
0
16
/0 13
5/
09 201
/0
3
7/
01 201
3
/0
9/
25 201
3
/1
0/
2
0
18
/1 13
2/
10 201
3
/0
2/
20
14
Date
Size Announced
(RON MIL)
Size Borrowed
(RON MIL)
06.02.2014
07.02.2014
10.02.2014
11.02.2014
13.02.2014
14.02.2014
17.02.2014
18.02.2014
20.02.2014
20.02.2014
24.02.2014
25.02.2014
TOTAL RON
TOTAL EUR
600
60
800
80
100
10
500
50
1200
200
600
60
4060
200
0
0
800
80
0
0
500
50
0
200
440
60
1930
200
Tenor (yrs)
Yield (%)
Date
10
10*
10
10*
10
10*
5
5*
1
5
5
5*
4.06
4.08
3.30
5.10
-
03.03.2014
04.03.2014
06.03.2014
07.03.2014
10.03.2014
11.03.2014
17.03.2014
19.03.2014
20.03.2014
24.03.2014
25.03.2014
27.03.2014
TOTAL RON
TOTAL EUR
400
60
700
105
100
15
400
60
200
300
45
500
2185
200
Tenor (yrs)
Yield (%)
Date
Total, o/w
Issued on short
term
Issued on
medium and
long term
4
4*
10
10*
10
10*
5
5*
5
10
10*
1
3.87
4.25
5.30
4.94
-
31.12.2009
31.12.2010
31.12.2011
31.12.2012
31.01.2014
761.7
1,660.0
2,322.8
3,199.9
4,905.0
562.7
1,445.4
1,851.5
1,134.4
296.4
199.0
214.6
471.3
2,065.5
4,608.6
1766
Total
Available
(mln Ron)
52,889.5
352.7
40,504.0
17,565.7
22,938.3
8,354.4
93,746.2
(%) total
56.8%
43.2%
100.0%
Available
(mln Eur)
2,420.4
1,593.7
999.5
594.2
195.6
4,014.1
(%) total
60.3%
39.7%
100.0%
5.75
Share in total
issuances on
domestic
market (%)
6.8%
10.4%
11.7%
14.2%
19.7%
5.34
5.50
T-Bills 6 Months
5.19
5.25
4.91
5.00
1.2%
4.63
4.75
4.25
11.2%
4.02
4.00
T-Bills 12 Months
22.5%
4.37
4.50
11.4%
3.75
3.34
3.50
9.2%
3.22
3.25
Benchmark Bonds 15 Years
3.00
2.75
2.50
2.25
44.4%
2.12
2.00
<1 Y
1Y
2Y
3Y
5Y
6Y
7Y
9Y
13 Y
*) the yield curve is constructed based on the average YTM (SAFIR source) over the remaining years for each
maturity bucket of government securities denominated in lei issued on primary market
3. Eurobonds
Outstanding Eurobonds issued on External Markets, EUR and USD denominated, end of period
Outstanding government securities, EUR denominated
7.50 bln EUR
Outstanding government securities, USD denominated
5.75 bln USD
tefan Nanu
Diana Popescu
General Director
+4.0723.186.625
Bloomberg Page:
ROMF <GO>