Romania seeks to raise EUR 4 bln with FX bonds at 5%-7% yields

Romania returned to international financial markets on November 2 for the second time this year, launching 4- and 8-year Eurobonds, as well as a 12-year green bond issue.

The Ministry of Finance seeks to raise EUR 4 billion, while subscriptions have already reached about EUR 8.5 billion and are still rising, according to Ziarul Financiar.

Romania's return to the foreign markets comes after the new government approved the first budget amendment of the year.

In its first Eurobond issue of 2026, the state borrowed a total of EUR 5 billion, equivalent to only half of the EUR 10 billion it had planned to raise for the entire year. In 2025, the state borrowed more than EUR 16 billion through Eurobonds.

The 4-year issue was quoted at the opening yesterday at midswap +210 basis points (approximately 5.2% for current mod-swap), while the 8-year issue was quoted at midswap +310 basis points (6.4%). The green Eurobond issue was quoted at midswap +360 basis points (over 7.0%), according to Bloomberg data analysed by ZF. The final borrowing costs subsequently fell below the indicative levels.

Finance Minister Alexandru Nazare told the government last week that approval of the first budget amendment was vital for Romania's access to international markets.

"I believe that by announcing this rectification, we can credibly pave the way for us to use the window of opportunity for a market exit in the coming period."

The gross financing requirement for this year was estimated at roughly RON 275 billion. The state planned to borrow RON 160-170 billion from the domestic market and EUR 10 billion through Eurobonds from external markets.