Romgaz (BVB: SNG), the largest producer and main supplier of natural gas in Romania, will list its first bond issue, worth EUR 500 million and aimed to finance the Neptun Deep offshore gas project, on the Bucharest Stock Exchange on November 19.

In October, Romgaz issued the first EUR 500 million tranche of a EUR 1.5 billion FX bond aimed to support investment plans. 

The demand from investors exceeded the supply by more than 10 times, and the award interest stood at the level of 4.776%.  

Launched on the Luxembourg Exchange, the bond was being traded at 0.82% above par on November 14, resulting in a 4.56% yield. 

The five-year bond has a 4.75% coupon attached.

Romgaz has a capitalization of RON 21.4 billion (EUR 4.3 billion) and is 70% controlled by the Romanian state through the Ministry of Energy.

Romania's state-owned Romgaz, which commands 52% of the nation's gas production and holds over 90% of its underground gas storage capacity, secured approval on September 20 for a medium-term notes programme of up to EUR 1.5 billion from Luxembourg's Financial Sector Supervisory Commission (CSSF).

iulian@romania-insider.com

(Photo source: Inquam Photos/Adel Al-Haddad)