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Romania: bonds

In Romania, government debt management (issuance, redemption, interest payments, etc.) is handled by the Ministry of Public Finance (MPF).

Outstanding of government securities issued on domestic market, end of April 2013: 107.4 bln Ron. Outstanding government securities, EUR denominated: 5.50 bln EUR. Outstanding government securities, USD denominated: 3.75 bln USD. Romania has six international bonds outstanding with maturities of 5, 7 and 10 years.

The National Bank of Romania (NBR), acting as the agent of the Ministry of Public Finance (MPF), is in charge of the management of primary for government securities in dematerialised form, in both national and foreign currencies, on the domestic market.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
RON 37 138 223 758 000
EUR 11 16 693 700 000
USD 4 5 750 000 000
municipal
RON 39 3 310 536 400
corporate
RON 10 3 885 100 000
EUR 3 755 000 000

News and comments

04/24/2017 Moody's Investors Service revised outlook on Romania to stable and affirmed at "Baa3" (LT- local currency) credit rating
04/24/2017 Moody's Investors Service revised outlook on Romania to stable and affirmed at "Baa3" (LT- foreign currency) credit rating
04/11/2017 New bond issue: Romania issued international bonds for EUR 1,000.0m maturing in 2027 with a 2.375% coupon.
01/23/2017 Fitch Ratings affirms Romania at "BBB-" (LT Int. Scale (foreign curr.) credit rating); outlook stable
10/22/2015 New bond issue: Romania sells EUR 1,250.0m in 2025 bonds with a 2.75% coupon
09/28/2015 Romania to issue EUR 1.5 bln in Eurobonds this year
03/06/2015 Republic of Romania has sent out a request for proposals to banks for a new euro denominated bond - Schildershoven Finance B.V.
02/03/2015 Romania comes on the foreign markets in February-March
10/22/2014 New bond issue: Romania sells EUR 1,500.0m in 2024 bonds with a 2.875% coupon
04/16/2014 Romania attracts 1.25 bln euros from foreign markets via 10-year eurobond issue
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Documents

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Sovereign rating

Rating AgencyRatingRating scaleDate
RIA Rating *** Sovereign ratings ***
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
National Rating Agency *** Global scale ***
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sovereign rating history

Latest bond issues

issue ISIN coupon volume end of placement maturity date
Romania, TB 14may2018 12m - Domestic bonds RO1718CTN088 0% 1 000 000 000  RON 05/11/2017 05/14/2018
Romania, 2.375% 19apr2027, EUR - International bonds XS1599193403 2.375% 1 000 000 000  EUR 04/11/2017 04/19/2027
Romania, 3.875% 29oct2035, EUR - International bonds XS1313004928 3.875% 2 000 000 000  EUR 04/10/2017 10/29/2035
Romania, TB 9apr2018 12m - Domestic bonds RO1718CTN070 0% 800 000 000  RON 04/06/2017 04/09/2018
Romania, TB 26mar2018 12m - Domestic bonds RO1718CTN062 0% 600 000 000  RON 03/23/2017 03/26/2018
Romania, TB 18sep2017 6m - Domestic bonds RO1717CTN056 0% 600 000 000  RON 03/16/2017 09/18/2017
Romania, GB 3.4 8mar2022 - Domestic bonds RO1722DBN045 3.4% 1 955 000 000  RON 03/07/2017 03/08/2022
Romania, TB 21feb2018 12m - Domestic bonds RO1718CTN047 0% 1 000 000 000  RON 02/20/2017 02/21/2018
Romania, TB 16aug2017 6m - Domestic bonds RO1717CTN031 0% 800 000 000  RON 02/15/2017 08/16/2017
Romania, TB 10jan2018 12m - Domestic bonds RO1718CTN013 0% 483 200 000  RON 01/09/2017 01/10/2018
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World Bond Market Indicators

Monthly indices

Type Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016
EU Long-term interest rates
Romania, % 3.79 3.99 3.96 3.75 3.73 3.56 2.94
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World Bond market statistics

Monthly indices

Type Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016
Domestic government bond market (Eastern Europe)
Romanian govt Bonds outst., EUR bln (without Bills) 30.07 28.67 28.14 27.90 27.21 27.09 25.56
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Quarterly indices

Type IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015 II 2015
BIS volume of international-bond market of emerging countries
Romanian international bonds, USD bln 23.000 21.700 21.600 21.400 20.300 19.800 17.800
BIS net issues of international-bond market of emerging countries
International-bond net issue of Romania, USD bln 2.100 0.000 0.500 0.500 0.900 2.000 -0.600

Emerging Markets International Bonds

Monthly indices

Type Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016
Eastern Europe International Bonds Markets
International bonds of Romania, USD bln 22.677 20.460 20.365 20.645 20.277 20.366 21.389
Sovereign international bonds of Romania, USD bln 21.814 19.616 19.525 19.789 19.443 19.527 20.025
Corporate international bonds of Romania, USD bln 0.862 0.844 0.839 0.855 0.834 0.839 1.364
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Currencies

Daily indices

Type: 05/26/2017 05/25/2017 05/24/2017 05/23/2017 05/22/2017 05/19/2017 05/18/2017
Exchange Rates (Emerging Markets)
USD/RON 4.0814 4.0601 4.0587 4.0737 4.0608 4.0719 4.1148
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Credit Risk Indicators

Daily indices

Type: 02/16/2017 02/15/2017 02/14/2017 02/13/2017 02/10/2017 02/09/2017 02/08/2017
CDS Emerging markets (sov.) 
CDS 5Y Romania mid * * * * * * *
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Macroeconomic Indicators (World economy)

Monthly indices

Type Apr 2017 Mar 2017 Feb 2017 Jan 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Romania) 0.61 0.20 0.20 0.10
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Yearly indices

Type 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Romania) 37.60 38.40 39.80

JP Morgan

Daily indices

Type: 08/20/2013 08/19/2013 08/16/2013 08/15/2013 08/14/2013 08/13/2013 08/12/2013
ELMI (publication was suspended since 20.08.2013) 
ELMI Romania * * * * * * *
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Romania, 2.75% 29oct2025, EUR   EUR 10/29/2025 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
Romania, 2.875% 28oct2024, EUR   EUR 10/28/2024 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Romania, 3.625% 24apr2024, EUR   EUR 04/24/2024 05/18/2016 *** *.** 05/18/2016 ***.* *.*
Romania, 3.875% 29oct2035, EUR   EUR 10/29/2035 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
Romania, 4.375% 22aug2023, USD   USD 08/22/2023 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
Romania, 4.63% 18sep2020, EUR   EUR 09/18/2020 05/18/2016 ***.** *.** 05/18/2016 ***.*** *.*
Romania, 4.875% 22jan2024, USD   USD 01/22/2024 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
Romania, 4.875% 7nov2019, EUR   EUR 11/07/2019 05/18/2016 ***.* *.* 05/18/2016 ***.*** *.**
Romania, 5.250% 17jun2016, EUR   EUR 06/17/2016 05/18/2016 ***.**** *.** 05/18/2016 ***.**** *.**
Romania, 6.125% 22jan2044, USD   USD 01/22/2044 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
Romania, 6.50% 18jun2018, EUR   EUR 06/18/2018 05/18/2016 ***.*** *.* 05/18/2016 ***.** *.**
Romania, 6.750% 7feb2022, USD   USD 02/07/2022 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.*
Banca Comerciala Romana (BCR), 10.3% 22dec2019, RON   RON 12/22/2019 05/18/2016 ***.**** *.** 05/18/2016 ***.**** *.*
New Europe Property Investment, 3.75% 26feb2021, EUR   EUR 02/26/2021 05/18/2016 ***.* *.** 05/18/2016 ***.*** *.**
RCS & RDS, 7.50% 1nov2020, EUR   EUR 11/01/2020 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
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