WOOD Flash – Romania strategy: early diagnosis
Romania implemented measures relatively early to contain the coronavirus outbreak, announcing a state of emergency on 16 March, when less than 200 cases had been confirmed, while the curve is showing some signs of flattening as the country has now passed 4,000 cases. The government announced fiscal measures of 2% of GDP, while the Central Bank of Romania announced the first package of measures relatively early, starting with a 50bps rate cut. Given the high fiscal deficits of recent years, the room for further fiscal measures is not high, while the NBR still has tools left for monetary stimulus. The local press is reporting that the government is considering backing away from the 40% pension increase scheduled for September, a significant development in dealing with one of the big macro risks. On the political front, local elections look likely to be postponed to September, while the recent polls are not showing a significant change, with the centre-right parties leading with 26% as of early-March.
NEPI Rockcastle is engaged in developing, acquiring and holding commercial properties, either directly or indirectly through the acquisition of listed equities.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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