The Ministry of Finance drew, on October 2, from foreign markets, approximately 4 billion euros, being one of the most successful Eurobond issues on international markets and the fourth transaction carried out in 2025.
According to a press release from the Ministry of Finance, the issue was carried out in three tranches: a tranche of two billion euros with a maturity of seven years (2033), a tranche of one billion euros for 12 years (2037) and one billion euros for a new tranche of 20 years (2045), announcing that this is Romania's last public Eurobond transaction in 2025.
At the same time, correlated with this issue, Romania continued the process of active debt portfolio management by using a early redemption of Eurobonds maturing in 2026, in order to limit the refinancing risk and extend the average residual maturity of the portfolio.
Thus, Romania also announced fixed-price redemption offers ("Tender offer") over five business days for each of the three sovereign bonds in euros maturing in 2026, with a cumulative value of 4.25 billion euros. Therefore, on October 10, Romania concluded the partial early redemption operation of Eurobonds maturing in 2026, for a total amount of approximately one billion euros, as follows: 550 million euros of bonds maturing on February 26, 2026 (approx. 42.3% of the issue), 240.3 million euros of bonds maturing on September 26, 2026 (approx. 13.4% of the issue), 209.6 million euros of bonds maturing on December 8, 2026 (approx. 18.2% of the issue).
This transaction is part of Romania's strategy to finance itself externally in 2025, ensuring both the coverage of financing needs and the consolidation of the state's foreign exchange reserves.
"Romania's success on international capital markets, on the first day after the adoption of the budget amendment, confirms investors' confidence in the country's economic direction and in the measures adopted. The signal sent supports the continuation of reforms for macroeconomic stability and fiscal sustainability. We will act firmly to correct imbalances and for a predictable and attractive investment environment," declared Finance Minister Alexandru Nazare, quoted in the press release.
The Eurobond issue benefited from a very diversified investment base, both geographically and in terms of investor types.
The geographical distribution of investors, for the 7-year euro maturity, was as follows: Great Britain 36%, America 28%, Western Europe 15%, the rest of Europe 7%, CEE 7%, Romania 4%, Asia and the Middle East 3%.
For the 12-year euro maturity, the geographical distribution of investors was: UK 34%, America 20%, Western Europe 22%, Rest of Europe 2%, CEE 8%, Romania 9%, Asia and the Middle East 5%.
The geographical distribution of investors, for the 20-year euro maturity was as follows: UK 58%, America 16%, Western Europe 11%, Rest of Europe 5%, CEE 3%, Romania 2%, Asia and the Middle East 5%.
Romania sold bonds in three tranches, of which two billion euros with a seven-year maturity, a yield of 5.486% and an interest rate of 5.375% per year, one billion euros with a 12-year maturity, a yield of 6.208% and an interest rate of 6.125% per year and one billion euros with a 20-year maturity, a yield of 6.620% and an interest rate of 6.500% per year.
The transaction was brokered by: Citigroup Global Markets Europe AG, Erste Group Bank AG, HSBC Continental Europe, ING Bank N.V., J.P. Morgan SE and Raiffeisen Bank International AG.
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