BRD-SocGen, the second-largest bank on the Romanian market,intends to roll over bonds worth 735 million RON it issued on theLuxembourg market in December 2006, which mature this year.
"We will probably launch a new issue in order to replace thematuring bonds," said Claudiu Cercel, the executive VP in charge offinancial markets at BRD.
He says the bank currently has a 600 million-euro cap approved bythe shareholders for the issuing of RON and euro-denominated bonds,with a fixed or floating interest rate. Over the past few years,the BRD has persistently had such a cap, approved by the GM ofshareholders, which has, however, not been used.
In fact, Cercel says the bank has a comfortable position as far asliquidity is concerned, both in RON and in euros, which is why itdid not get involved in the war of deposit interest rates. BRD hasfor over six months frozen its deposit interest rates, beingwilling to take a decline in amounts attracted from customers inorder to hang on to its profitability.
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