WOOD Flash - Romania macro: revisiting the implied credit risk
Over the past week, three separate positive developments have materialised in Romania: the EUR 16.8bn SAFE loan with the European Commission (EC) was approved; the preliminary estimate of the 2025 budget deficit points to a much smaller shortfall than feared; and the government reached an agreement for the public administration consolidation strategy. While none of these developments is surprising in isolation, their confirmation improves the near-term assessment of Romania’s sovereign credit risk materially, particularly with respect to liquidity and downgrade risk over our forecast horizon to end-2027E.
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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