Huge bond issue on BVB: NEPI Rockcastle borrows EUR 1 bn from investors

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NEPI Rockcastle, the merged entity between the two South-African investment funds – New Europe Property Investments (NEPI) and Rockcastle – and the largest real estate investor in Romania by asset value, has today put on sale on the Bucharest Stock Exchange (BVB) a first tranche worth EUR 500 million, part of a Medium Term Notes programme worth EUR 1 billion.

According to a press release, the real estate developer runs this bond issue through the subsidiary NE Property Cooperatief.

The corporate bonds  will start trading on spot regulated market of BVB from December 21, 2017. The bonds were listed both on the Bucharest Stock Exchange, as well as on the Irish Stock Exchange (ISE).

A first tranche will issue 5,000 bonds with a nominal value of EUR 100,000 at a fixed interest rate of 1.75 percent, with a maturity set for November 23, 2024.

NE Property Cooperatief thus became the second issuer on BVB to have placed and settled a bond issue directly in euros, after the International Investment Bank (IIB). The issue was intermediated by BRD-Groupe Societe Generale and ING Bank N.V. Amsterdam, Bucharest branch.  

The largest eurobond issue made by a company in Romania took place this summer when Globalworth real estate investor, founded by Greek businessman Ioannis Papalekas, launched a EUR 550 million issue.

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