Oradea City Hall's 150bn ROL (3.7 million euro) bond issue was fully subscribed in less than five hours on the very day it opened. Subscriptions in the first day totalled 190bn ROL. "We had subscriptions on the first day that were 37.5bn ROL higher than the total offering. The last subscription request for which we could allocate bonds was registered at 13.39," says Simona Constantinescu, chairperson of BCR Securities, Banca Comerciala Romana's (Romanian Commercial Bank - BCR) brokerage firm. BCR Securities and CA IB Securities teamed up to form the syndicate that handled the offering. Oradea's bonds were subscribed by 47 investors, including a bank, two insurers and nine mutual funds, while most of the remaining investors were individuals. "Many investors must have expected a higher demand for these bonds and rushed to buy. Some of those who subscribed but did not get bonds chose to go for Bacau bonds instead, the other issue we are brokering at the moment," Constantinescu said. ZF
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