May 19, 2015

EBRD buys Bucharest City Hall bonds with €75 million

EBRD buys Bucharest City Hall bonds with €75 million

The European Bank for Reconstruction and Development (EBRD) has invested €75 million in bonds issued by the Bucharest City Hall.

The municipality has launched last week €500 million worth of bonds on the Bucharest Stock Exchange, at an average yield of 3.98 percent. It was the first listing of municipal bonds on the Bucharest bourse.

EBRD has focused on bonds with longer maturities, where it estimated that the demand would be weaker.

“The bank has been extremely active in supporting the development of the capital market in Romania by investing in bonds in lei,” commented EBRD.

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