The bonds were issued at par value with a fixed annual coupon of 7.77% and a spread of 95 basis points above the Romanian government bond yield curve, highlighting strong investor appetite and confidence in BCR’s credit profile.
The transaction represents the largest corporate bond issuance on the Bucharest Stock Exchange in 2026 and the largest leu-denominated bond issue by a Romanian corporate issuer between 2024 and 2026, excluding BCR’s own RON1.125 billion issue in November 2025.
“We entered the market at a time when public attention was focused on banks because principles should not be negotiated according to circumstances. Investors responded in less than 24 hours, with the offering closing early and demand reaching twice the initially announced amount. For us, this result is a vote of confidence in BCR, our credit profile, and the transparent and ethical way we conduct business,” said Sergiu Manea, CEO of BCR.
The transaction attracted 21 separate orders, a high level of diversification for the local market. Romanian investors accounted for 64% of the final volume, while international investors represented 36%.
The order book opened on June 11 with a minimum target of RON500 million. Demand exceeded RON 900 million on the first day and surpassed RON1 billion by the morning of June 12, allowing the offering to close ahead of schedule at a final value of RON1.0002 billion while maintaining the 95-basis-point spread.
The bonds received a Baa2 rating from Moody’s and are expected to receive a BBB+ rating from Fitch, consistent with BCR’s broader bond issuance program.
According to Cosmina Plaveti, Head of Investment Banking at BCR, the transaction demonstrates both the strength of BCR’s credit profile and the increasing appetite for high-quality leu-denominated instruments.
BCR secured financing at a rate only 0.95 percentage points above Romania’s sovereign borrowing cost, a spread typically reserved for issuers with exceptionally strong credit credentials. This achievement comes amid geopolitical tensions, domestic political uncertainty, and ongoing debates over banking regulation, underscoring investor confidence in the bank’s financial stability.
Since launching its bond program, BCR has raised more than RON13.3 billion in funding. Through this latest transaction, the bank continues to strengthen its compliance with European Union MREL requirements while reinforcing its role as a pillar of stability within Romania’s banking sector and the wider region.