The country’s medium-term note program was launched in 2010 for a period of three years. The initial borrowing ceiling was set at EUR7 billion. In June this year, the government raised the cap by EUR1 billion to cover the country’s financing needs for 2013.
Romania last tapped international debt market in October, when it sold EUR500 million in a reopening of its September 2020 dated Eurobond at a record low yield of 4.15% a year.
So far in 2013, Romania sold RON44.16 billion in leu-denominated notes and EUR1.57 billion at four euro-denominated auctions on the local market. From international market, the country raised $1.5 billion and EUR2 billion, respectively.