Romanian lender Banca Transilvania recently ended its EUR 30 million bonds issuance, which was fully subscribed. This is the bank's second bonds issuance, with the first launched in 2005.

This latest issuance was structured on three layers, with the full amount first offered to the bank's shareholders, and around 1,000 investors, including the European Bank for Reconstruction and Development (EBRD) and the International Financial Corporation IFC, which bought into the offer. The amounts after this first stage were then divided between the IFC – with EUR 18.9 million – and to the other qualified investors.

The bonds issuance has a deadline in 2020, and comes with an interest rate of EURIBOR at six months plus 6.25 percentage points. The interest payment will be made twice a year, starting July 15 this year. The first conversion period will be in the summer of 2014, and continue yearly until the deadline.

BT recorded a small drop in net profits in the first quarter of 2013, compared to the same period last year. Net profits were around EUR 19.3 million for Q1 2013, against some EUR 21 million for the first quarter last year.

editor@romania-insider.com