The Finance Ministry still needs money, despite having borrowed 7bn euros from the IMF, EU and domestic banks. Ten banks have been selected by the Finance Ministry in the final stage for the handling of the eurobond issue worth as much as 1.5bn euros and maturing in 5 to 10 years. As a rule, the negotiated fee revolves around 1%, so that selected banks can stand to gain as much as 15m euros. Battling are HSBC, Barclays Capital, Citibank, Deutsche Bank, Credit Suisse, Erste Bank together with BCR, EFG Eurobank Ergasias with Bancpost, Société Générale, UniCredit and ING. The Treasury is to select a lead manager for this issue, i.e. an investment bank that will assist the state in the writing of the issue prospect, in setting conditions under which the bonds will be issued and will seek investors. "Considering how Romania is currently perceived, the Treasury will probably want to have one or several lead-managers to handle underwriting for the entire issue," a banker commented.
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