The subscription rate reached 190% of the amount the City Hall aimed to raise, and the bonds have a 6-year maturity, according to Bucharest Mayor Nicușor Dan.
Dan said the bond sale shows that the Municipality of Bucharest has the confidence of the banking and investment environment.
“This proves that we are serious people,” stated Dan.
Dan also said that last week, Fitch reaffirmed Bucharest's individual rating at A, four notches above Romania's rating.
The issuance was intermediated by a banking syndicate comprising Alpha Bank Romania, BCR, BRD – Groupe Société Générale, and Raiffeisen Bank.
The Municipality of Bucharest was provided with legal counsel by SCA Leaua, Damcali, Deaconu, Paunescu - LDDP.
In 2005, the Bucharest Municipality raised €500 million from a bond sale.
