Romania - Bond Market Framework II

Location:

Romania

Project number:

50234

Business sector:

Financial institutions

Notice type:

Private

Environmental category:

FW

Approval date:

27 Feb 2019

Status:

Approved

PSD disclosed:

07 Jan 2019

Sub-projects signed under this framework

Translated version of this PSD: Romanian

Project Description

Romania - Bond Market Framework II (the "Framework") for the Bank to invest in medium to longterm negotiable debt securities, issued by Romanian banks or non-bank financial institutions ("Participating Financial Institutions" or "PFIs"). The eligible investments will include senior, secured (covered bonds, asset-guaranteed bonds) or unsecured instruments, as well as medium-term note programmes. The current Framework is a continuation of the previous Romania - Bond Market Framework approved by the EBRD in June 2013.

Project Objectives

The proposed Framework is compliant with the Country Strategy for Romania, approved by EBRD on 30 September 2015 which indicates that the Bank will pursue the strategic orientation of "Broadening access to finance by inducing lending and developing capital markets." The Framework contributes to the capital market development by supporting the issuance of senior bonds, as well as more complex financial instrument that are new to the market: covered bonds and asset-guaranteed bonds that would allow local PFIs to strengthen and diversify their funding sources and would contribute to a better balance sheet structure.

Transition Impact

The proposed Framework will contribute to Resilient and Well-governed transition qualities. The Framework will support the development of the Romanian capital market and the bond issuances placed by local PFIs, as well as contribute to the strengthening and diversification of medium and
long-term funding sources of the Romanian PFIs.The Framework will also support the issuance of innovative capital market instruments in Romania, such as covered bonds.

Client Information

Commercial banks and non-bank financial institutions in Romania.

EBRD Finance Summary

EUR 350,000,000.00

Total Project Cost

EUR 350,000,000.00

Environmental and Social Summary

Categorised FI (ESP 2014). All eligible participating financial institutions (PFIs) under the Framework will be required to comply with EBRD's Performance Requirements 2, 4 and 9 and submit Annual E&S Reports to the Bank.

Technical Cooperation

None.

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.

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