Romania covers 69.8% of its RON 265 billion 2026 financing plan as auction yields climb
The finance ministry's flash report shows 78% of September's auction offer was filled and a 1 October sale raised nothing, with external funding at about half of plan.
Written with AI tools by Boards and Capital's editorial system; the publisher is responsible for it. How this site works
Romania had raised 69.8 per cent of its RON 265 billion financing plan for 2026 by 12 October, with domestic borrowing well ahead of its external programme, according to the September flash report on public debt published by the Ministry of Finance.
The plan splits into RON 160 billion from the domestic market and RON 105 billion from external markets. By 12 October the Treasury had executed RON 131.12 billion domestically and RON 53.98 billion externally, the report shows. On the Data Desk's calculation that is about 82 per cent of the domestic target and 51 per cent of the external one, which leaves about RON 51 billion of the remaining RON 80 billion to be raised abroad unless the split between markets changes in the last quarter.
September auctions: 78% filled
The Treasury offered RON 7,842.8 million at domestic auctions in September and borrowed RON 6,140.32 million, or about 78 per cent of the announced amount, according to the auction table in the flash report. Several lines were sold below target. A RON 800 million offer of paper with 1.85 years to maturity raised RON 465.12 million on 17 September at 6.45 per cent, and a RON 500 million offer of 8.58-year bonds raised RON 290 million on 24 September at 7.42 per cent.
Short-dated paper cleared near 6 per cent and long bonds above 7 per cent. The Treasury paid 6.06 per cent on 0.56-year paper on 3 September and 6.12 per cent on one-year paper on 14 September. At the long end it paid 7.09 per cent for 10.15-year bonds on 3 September and 7.49 per cent for 13.84-year bonds on 28 September, the table shows.
October started weakly. On 1 October the Treasury offered RON 500 million of 4.81-year bonds and borrowed nothing. Later sales cleared at higher yields than in September: 6.98 per cent for 1.80-year paper on 5 October, 6.73 per cent for one-year paper and 7.18 per cent for 10.05-year bonds on 8 October, and 7.14 per cent for 6.79-year bonds on 12 October. By the cut-off the Treasury had raised RON 2,388.1 million in October against a monthly calendar of RON 6,069.7 million, according to the report.
Debt stock and holders
General government debt was 60.4 per cent of GDP at the end of July 2026 under EU methodology, and the ministry's table forecasts 61.8 per cent for the year as a whole, up from 59.5 per cent in 2025 and 48.1 per cent in 2022. The cash budget deficit is projected at 6.2 per cent of GDP in 2026, after 7.7 per cent in 2025 and 8.6 per cent in 2024, according to the flash report, which cites the National Commission for Strategy and Prognosis spring forecast for the 2025 and 2026 figures.
Outstanding domestic government securities totalled RON 573.8 billion on 12 October, including RON 511.95 billion of leu paper and EUR 11.94 billion of euro-denominated local bonds. Outstanding Eurobonds stood at EUR 64.53 billion and USD 27.62 billion. Private placements on the external market in tap and loan format amounted to EUR 1.9 billion equivalent, the report said.
Banks held 41.2 per cent of domestic leu government securities at the end of July, and pension funds 31.0 per cent. Non-residents, including holdings through Clearstream and Euroclear, held RON 74,198.6 million, or 17.1 per cent, according to the holdings table. In euro-denominated local bonds the banking system held 79.6 per cent.
Buffer and ratings
The Treasury said it maintains a foreign-currency buffer covering up to four months of gross financing needs throughout 2026. Debt by currency at the end of July was 51.1 per cent in lei, 39.0 per cent in euros and 9.7 per cent in dollars, the report shows.
The report lists Romania's ratings as Baa3 from Moody's, BBB- from S&P and BBB- from Fitch, all with negative outlooks, and BBB with a stable outlook from Japan Credit Rating Agency. The ministry publishes the flash report monthly on its Treasury website, with financing and auction data updated to the cut-off date and the debt structure to the latest month available.
Method: plan, execution, auction and holdings figures are as published by the Ministry of Finance. Completion ratios by market were calculated by the Data Desk.