In 2013, Romania was the best-performing economy in Europe, with economic growth of 3.5%. Momentum continued in 2014 and the economy of this small central European state expanded a further 3.8% year on year during the first three months of the year.
Against this backdrop, the government was keen to front-load its 2014 financing needs and test the market with new, longer dated issuance. In January, the sovereign thrust into the dollar market, raising $2bn, divided equally between a 10-year issue and a 30-year transaction.
