Romania plans thinner FX issues in 2026 amid pre-financing and tapping non-market sources

Romania will significantly reduce Eurobond issuance to EUR 10 billion in 2026 after it has been one of the biggest emerging market debt issuers in the world in 2025 (EUR 16 billion ytd), debt agency chief Stefan Nanu told Reuters. The government will face higher nominal gross financing needs in 2026, but non-market funding sources are abundant, including Resilience funds, SAFE defence funding, private placements (also used this year), and IFIs, Nanu explained.

While the nominal financing needs will increase in 2026 compared to 2025, they will diminish from 14.1% to 13.5%-14.0% of GDP, according to calculations based on the figures reported by Nanu.