The transaction, which marked the country's fourth public Eurobond deal in 2025, consisted of three tranches with different maturities.
The issuance included a €2 billion tranche with a 7-year maturity, a €1 billion tranche with a 12-year maturity, and a €1 billion tranche with a new 20-year maturity. The operation was part of Romania's external financing strategy to cover its funding needs and strengthen the state's foreign currency reserves.
Alexandru Nazăre, Minister of Finance, said: "Romania's success on international capital markets, on the first day after the adoption of the budget rectification, confirms investors' confidence in the country's economic direction and 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 to create a predictable and attractive investment environment."
In a related move to actively manage its debt portfolio, Romania also conducted an early buyback of eurobonds maturing in 2026. This operation, which concluded on October 10, repurchased approximately €1 billion in 2026-maturing Eurobonds to mitigate refinancing risk and extend the average residual maturity of its portfolio.
The buyback was the largest of its kind for Romania and was executed for three different sovereign bonds.
The issuance set new records for the country, including the highest total volume of investor orders before pricing, reaching €17.5 billion.
It also achieved the most significant spread reduction and the largest-ever early buyback operation for Romania.
Investors were geographically diverse, with a strong presence from the UK and the Americas. "Real money" investors—such as privately managed asset funds—predominated in all three tranches, holding a 71% share in the 7-year tranche.
