Government Securities


The National Bank of Romania (NBR), acting as the state agent and market administrator, is in charge of the management of primary and secondary markets for government securities in dematerialized form, in both national and foreign currencies, on the domestic market. In this capacity, the NBR organizes and conducts the government securities investment activity and sets the norms on the organization and functioning of the secondary market for government securities, under the NBR management, based on the agreements signed with the Ministry of Finance and in compliance with the NBR Statute and its own regulations. Moreover, the NBR acts as the central depository via SaFIR for all government securities issues in dematerialized form.

Primary Market Operations

ISIN Type Issuance/ Reopening date Maturity date Rezidual maturity
(months)
Base auction volume (mill.) Non-competitive session volume (mill.) Currency Avg Yield Rate
(% p.a.)
Max Yield Rate
(% p.a.)
Coupon Rate
(% p.a.)
Announced Subscribed Alloted Announced Subscribed Alloted
ROCDG04X8WJ7GB, interest2 Jul.202526 Apr.2028 34400.0775.0640.060.065.060.0Lei7.317.326.30
RODFIUK7ZV55GB, interest30 Jun.202525 Apr.2035 118400.0901.1753.060.00.00.0Lei7.367.376.75
ROYNCLHRHVV6GB, interest25 Jun.202529 Jul.2030 61400.0694.5554.560.0270.060.0Lei7.447.456.85
RO45DLJ4EE76GB, interest23 Jun.202528 Apr.2027 22400.02,194.81,399.960.0130.060.0Lei7.337.347.40
ROOFOYB15203GB, interest23 Jun.202527 Jul.2031 73400.01,042.1788.060.045.045.0Lei7.517.527.65
ROPG9LZUB0O2GB, interest18 Jun.202527 Jul.2033 97400.0854.6613.560.0135.060.0Lei7.557.567.50
ROZBOC49U096GB, interest16 Jun.202530 Oct.2028 41500.0656.2506.275.015.015.0Lei7.467.478.75
ROXL7LT7QZ66GB, interest16 Jun.202529 Apr.2030 58500.0939.0604.075.090.075.0Lei7.527.538.00
RO52CQA3C829GB, interest12 Jun.202529 Sep.2032 88400.0975.1805.160.0195.060.0Lei7.507.518.25
ROJVM8ELBDU4GB, interest10 Jun.202525 Apr.2029 47500.0845.3595.375.0345.075.0Lei7.547.546.30

»»» GB = Government Bonds, TC = Treasury Certificates

 

Buy-back Operations

(latest 10 operations)
ISIN Type   Settlement   date    Maturity     date Rezidual maturity
(months)
Auction value (mill.) Currency Average Yield rate
(% p.a.)
Coupon Rate
(% p.a.)
Announced  Subscribed  Alloted
RO1522DBN056GB, interest 24 Jun.2022 19 Dec.2022650.0150.00.0RON-3.50

more »»» GB = Government Bonds,

 

Exchange operations

(latest 5 auctions)
ISIN Type     Auction     date     Maturity    date Rezidual maturity
(months)
Auction Nominal value (mill.) Currency Average Yield
(% p.a.)
Coupon Rate
(% p.a.)
Announced Subscribed* Alloted
ROJVM8ELBDU4 GB, interest 27 Jun.2025 25 Apr.202946200.0808.4350.0RON7.316.30
RO7EKTXSRHD6 GB, interest 27 Jun.2025 28 Jan.20267-337.790.2RON-6.30
ROHRVN7NLNO2 GB, interest 27 Jun.2025 22 Apr.202610-499.4251.7RON-4.85
RO0DU3PR9NF9 GB, interest 20 Jun.2025 24 Feb.2038152200.0547.7294.6RON7.307.90
ROJ0LNOCKHR8 GB, interest 20 Jun.2025 25 Nov.20255-334.7169.3RON-3.50
RODD24CXRK47 GB, interest 20 Jun.2025 28 Jul.20251-292.0141.8RON-3.65
RODFIUK7ZV55 GB, interest 30 May.2025 25 Apr.2035119200.0338.0320.2RON7.446.75
RO7EKTXSRHD6 GB, interest 30 May.2025 28 Jan.20268-201.2161.7RON-6.30
ROHRVN7NLNO2 GB, interest 30 May.2025 22 Apr.202611-227.4144.5RON-4.85
ROXL7LT7QZ66 GB, interest 23 May.2025 29 Apr.203059200.0563.5502.3RON7.558.00
ROJ0LNOCKHR8 GB, interest 23 May.2025 25 Nov.20256-372.1249.4RON-3.50
RODD24CXRK47 GB, interest 23 May.2025 28 Jul.20252-282.0258.9RON-3.65
ROCDG04X8WJ7 GB, interest 21 Mar.2025 26 Apr.202837200.0269.7300.5RON7.106.30
ROJ0LNOCKHR8 GB, interest 21 Mar.2025 25 Nov.20258-188.1173.1RON-3.50
RODD24CXRK47 GB, interest 21 Mar.2025 28 Jul.20254-145.1137.3RON-3.65

more »»»Titluri new/reopend issues in exchange with old issues
*) Subscribed value is based on new/reopened issues only

 

Government Securities Outstanding

ISIN code Total alloted nominal amount
(mill.)
Currency Type     Issuance     date     Maturity     date Discount rate
(% p.a.)
Coupon rate
(% p.a.)
Maturity
(years)
RODD24CXRK47 10,430.95LeiGB 11 Mar.2020 28 Jul.2025-3.65 5.4
ROONDYK68GB5 447.63LeiTC 26 Aug.2024 25 Aug.20255.47- 1
ROIJHMAUBXS8 607.91LeiTC 9 Sep.2024 27 Aug.20255.46- 1
RO05RCI2KKE4 829.17LeiTC 5 Feb.2025 27 Aug.20256.24- 0.6
RO25VL26UHW0 329.19LeiTC 26 May.2025 27 Aug.20257.19- 0.3
RO7YFU3JCQI9 441.91LeiTC 14 Oct.2024 29 Sep.20255.53- 1
RO4YPMZAGV71 829.58LeiTC 5 Mar.2025 29 Sep.20256.17- 0.6
ROOYW8TJIY78 423.12LeiTC 11 Nov.2024 27 Oct.20255.62- 1
RODA26UMBYA6 581.17LeiTC 7 Apr.2025 27 Oct.20256.14- 0.6
ROJ0LNOCKHR8 10,020.71LeiGB 11 Oct.2021 25 Nov.2025-3.50 4.1

»»» GB = Government Bonds, TC = Treasury Certificates

 

Reference Rates

(12:00) - %
  BID ASK
Maturity 6M 12M 3Y 5Y 10Y 6M 12M 3Y 5Y 10Y
01 Jul 20257.017.057.337.487.516.696.777.127.267.27
30 Jun 20257.017.077.367.487.506.726.797.117.267.27
27 Jun 20257.027.107.337.507.506.726.797.117.267.27
26 Jun 20257.027.077.327.437.446.756.797.097.217.22
25 Jun 20257.037.097.317.397.416.746.817.087.187.20

»»»  

Secondary Market Operations

(daily averages)
Period RON EUR
Number Volume
(RON mill.)
Number Volume
(EUR mill.)
daily series
30 Jun.2025231 16,853.10 0.0
27 Jun.2025199 6,785.96 247.8
26 Jun.2025165 4,838.51 19.8
25 Jun.2025184 6,071.22 3.2
24 Jun.2025242 5,548.71 0.1
monthly series
Jun.2025 194 10,172.5 3 27.0
May.2025 214 7,947.1 3 19.3
Apr.2025 169 4,568.6 3 35.2
Mar.2025 178 3,768.4 3 11.7
Feb.2025 244 3,641.1 3 25.6
Jan.2025 229 4,858.7 4 87.9

»»»