Romania managed to sell an impressive USD 7.5bn in bonds over the first quarter of 2012, as its willingness to cut state salaries and reduce its debt levels. But with the Greece crisis now seeming to come to a boil again and Romania slipping back into recession, yields on Romanian dollar bonds have jumped from a low of 4.46% in April to its current level of 5.119. CDS rates have jumped to 431 points from less than 300 in mid-March. The country is now saying it intends to sell €2.5bn on the international markets in the third quarter of 2012. The national currency, the leu, has sunk 2.6 percent against the euro since the beginning of the year.
