Romania starts the year from a solid financial position, with a significant part of the financing for 2026 already secured, says Finance Minister Alexandru Nazare.
At the end of February, Romania drew 4.7 billion euros from international financial markets, in the first Eurobond issue of 2026. The operation took place just two days before geopolitical tensions in the Middle East led to an increase in financing costs on global markets.
"Investor interest was more than three times higher than the amount the state wanted to borrow, which allowed us to obtain lower costs than in similar issues in 2025. For example: at the beginning of 2025, Romania borrowed in euros at 5.29% for 5 years; in 2026, for a longer maturity of 7 years, the yield dropped to 4.64%. And in dollars, financing costs were significantly reduced: from 7.55% for 12 years in 2025 to 5.75% for 10 years in this year's issue. Basically, Romania managed to quickly reduce its borrowing costs, in an international context that has meanwhile become much more tense. The very high demand from investors and the lower interest rates allow us to already cover almost half of the external financing needs for 2026, in much better conditions for Romania. We are thus starting the year from a solid financial position, with a significant part of the financing for 2026 already secured", the Minister of Finance stressed in a post on his Facebook account.
The annual financing plan forecast for this year is approximately 265-275 billion lei, which should cover a budget deficit level between 6% and 6.4% of GDP and the refinancing of the maturing public debt, and in terms of financing sources, it is estimated that public debt will be contracted on the domestic market of approximately 160-170 billion lei and on the external market of approximately 21 billion euros, according to a draft Government Decision published at the end of January this year.
According to the Ministry of Finance, the initiator of the document, the estimated volume on the external market is to be ensured through Eurobond issues in the amount of 10 billion euros, the rest being amounts estimated to be attracted through loans under the NRRP, SAFE programs, loans from international financial institutions and private placements. At the same time, during 2026, Eurobonds worth approximately 3.25 billion euros will reach maturity, respectively 750 million euros on February 26, 1.56 billion euros on September 27 and 940 million euros on December 8, 2026
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