The transaction is scheduled on February 25, 2026.
Romania is offering euro-denominated bonds maturing in 2033 and 2044, as well as dollar-denominated bonds maturing in 2036.
The seven-year euro bonds are quoted at 250 basis points above the reference rate (mid-swap), while the ten-year bonds are quoted at 325 basis points over the mid-swap rate. Additionally, the U.S. dollar bonds maturing in 2036 are quoted at 210 basis points above U.S. Treasury bonds of the same maturity.
The projected annual financing plan for 2026 is approximately RON265–275 billion, which iis intended to cover a budget deficit of 6%–6.4% of GDP and to refinance maturing public debt. In terms of funding sources, it is estimated that around RON160–170 billion will be raised from the domestic market and approximately EUR21 billion from the international market, according to a draft Government Decision published at the end of January 2026.
According to finance ministry, the estimated volume on the international market will be raised through EUR10 billion in eurobond issuances, with the remainder expected to be secured through loans under the PNRR and SAFE programs, loans from international financial institutions, and private placements.
Additionally, in 2026, eurobonds worth approximately EUR3.25 billion will mature: EUR750 million on February 26, EUR1.56 billion on September 27, and EUR940 million on December 8, 2026.