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EM CEEMEA CREDIT: ROMANI: headlines indicate political accord

EM CEEMEA CREDIT
BulletCEEMEA

Republic of Romania (ROMANI; Baa3/BBB-/BBB-neg)

  • The political crisis has exerted significant pressure on ROMANI 5.75 Mar35 USD benchmark, which @ z+320bp has widened some 70bp since its launch earlier in September. Whilst political uncertainty has triggered the recent sell-off, prudent and sustainable fiscal policy remains a key factor driving spreads long term.
  • Headlines hitting the tape indicate a political accord would bring back political stability. As reported by Bloomberg, Romanian pro-EU parties have reached an accord on a new coalition backing former Liberal Party leader Antonescu as presidential ballot candidate. Social Democrats leader Ciolacu is expected to remain in post as PM.

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Republic of Romania (ROMANI; Baa3/BBB-/BBB-neg)

  • The political crisis has exerted significant pressure on ROMANI 5.75 Mar35 USD benchmark, which @ z+320bp has widened some 70bp since its launch earlier in September. Whilst political uncertainty has triggered the recent sell-off, prudent and sustainable fiscal policy remains a key factor driving spreads long term.
  • Headlines hitting the tape indicate a political accord would bring back political stability. As reported by Bloomberg, Romanian pro-EU parties have reached an accord on a new coalition backing former Liberal Party leader Antonescu as presidential ballot candidate. Social Democrats leader Ciolacu is expected to remain in post as PM.