The Ministry of Finance was expected to borrow 4 billion euro, and subscriptions were reported at about 8.5 billion euro, according to Bloomberg data. The operation had not been finalised at press time.
Spreads and yields at launch
Initial guidance put the 4-year bond at 210 basis points over midswap and the 8-year at 310 basis points. The green bond was offered with an initial yield of 360 basis points over midswap. Romania has already tapped the eurobond market once this year, raising a cumulative 5 billion euro.
The Ministry of Finance has programmed 10 billion euro of eurobond borrowing for 2026, after raising more than 16 billion euro in 2025. Maturities of 3.25 billion euro fall due this year, 2.5 billion of them in September and December.
Budget rectification opens the window
The launch follows approval by the new government led by Luca Niculescu of the first budget rectification of 2026. Political tensions lasted almost six months, delaying formation of a new government until October.
Minister of Finance Alexandru Nazare said the rectification could open a window for a market exit in the coming period. “I believe that by announcing this budget rectification we can credibly open the path to use the window of opportunity for a market exit in the coming period,” he said.
Romania needs 70 billion lei over the following eight weeks. Estimated gross financing for 2026 exceeds 265 billion lei, with domestic borrowing expected at 160-170 billion lei.
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Source: Ministry of Finance
