Clifford Chanceadvised the arranging banks Citi, Erste, HSBC, JP Morgan and Société Générale in relation to Romania's two most recent bond issues on foreign markets, totaling EUR 4 billion. In addition to the conventional bond tranche worth EUR 2 billion, due in 2031, Romania launched its Green Bond Framework program with a first tranche of bonds due in 2036, which raised EUR 2 billion.