“The urgency of this resolution is due to the fact that the remaining amount within the ceiling of the medium-term bond program (€3.2 billion) limits the possibility of financing by issuing Eurobonds on international capital markets. The last two issuances on foreign markets in 2025 had volumes exceeding the remaining ceiling of the medium-term bond program, namely €4 billion, €1.5 billion and $3.75 billion. The refusal to approve this draft regulation will lead to a lack of flexibility in the efficient use of debt instruments,” Romania’s finance ministry said in a statement.
The issuance of Eurobonds in the first half of the year by sovereign issuers is a standard practice. Currently, all regular sovereign issuers of Eurobonds in Southeastern and Central Europe – Hungary, Poland, Slovenia – are planning their first Eurobond issues in 2026 due to increased investor interest at the beginning of the year.
Romania’s Ministry of Finance estimates the annual financing plan for 2026 at around 265-275 billion Romanian lei (EUR 52-54 billion), reflecting a budget deficit level of 6.4% of GDP according to the Medium-Term Fiscal Plan and including refinancing of public debt maturing this year.
As for the sources of financing, the volume of public debt issuance is estimated at 160-170 billion lei (EUR 31.4-33.4 billion) on the domestic market and EUR 21 billion on the external market. It is expected that the volume on the external market will be covered by issuing Eurobonds worth 10 billion euros, while the remaining part will be raised through loans within the PNRR and SAFE programs, borrowings from international financial institutions and private placements.
