| Romania's new government is preparing to issue its first Eurobond since its "second revolution" in the November election. This time, the issuer is an inexperienced finance ministry which has seized the management of sovereign debt issues from the National Bank. At the Frankfurt roadshow on March 12 for Russia's Deutschmark issue, two Romanians went unrecognised as they watched from the sidelines. Guided into discreet meetings in a conference ante-room inside Deutsche Bank's headquarters, the two visitors were introduced to emerging markets specialists at several investment banks. It was a new experience for Ionut Costea, Romania's deputy finance minister, and head of issuance Mihai Tanasescu. Yet within weeks, Costea and Tanasescu will be launching their own Eurobond. They have gained confidence quickly. When Romania's pioneer Deutschmark issue was first announced in early March it was expected to be worth Dm500 million. After the Russian road show, the talk is of Dm750 million. This will be just the start of a new borrowing programme for Romania. The government aims to raise $3.2 billion this year, and up to $2 billion of this through the international capital market. After the Deutschmark issue, the finance ministry says a Yankee issue may follow. |