The transaction took place on 25 February, just three days before the outbreak of conflict in Iran, avoiding the increased financing costs that followed.
The funds were obtained through eurobond issuances, where the state borrows from institutional investors on international markets and commits to repaying the amount over several years with interest. Through this operation, Romania covered nearly half of its estimated external financing needs through eurobond emissions for 2026.
Investor interest was high, with total demand for Romanian bonds exceeding €15.5 billion, more than three times the amount the state wanted to borrow. This allowed Romania to obtain better financing conditions, with interest rates lower than initially estimated and below market quotations at the time.
Romania accessed a €2.25 billion tranche with a 7-year maturity (2033), a new $2 billion tranche over 10 years (July 2036), and €750 million representing the reopening of bonds maturing in September 2044. The transaction concluded with yields of 4.638% for the 7-year EUR tranche, 5.750% for the 10-year USD tranche, and 5.966% for the 2044 EUR reopening.
"Romania's first eurobond issue of 2026 was a real success and shows once again international investors' confidence in the Romanian economy and the government's measures to stabilise public finances," said Finance Minister Alexandru Nazare. The funds will be used to finance the budget deficit, refinance older state loans, and strengthen the Treasury's foreign currency reserves.
The transaction was intermediated by BofA Securities Europe, Deutsche Bank Aktiengesellschaft, Erste Group Bank, ING Bank, Raiffeisen Bank International, and Société Générale.
