Romania has become, in recent years, an increasingly important client for major international investment banks, against the backdrop of high deficits and rising public debt. In this context, American financial groups have come to dominate the intermediation of the state’s external loans.
According to data from the Ministry of Finance analyzed by Ziarul Financiar, Bank of America, through its division BofA Securities, has climbed to the top position in the ranking of major dealers managing Romania’s external bond sales.
Rapid ascent: from 10th place to first position
The performance is all the more notable as the American bank only ranked 10th in 2024 among the 16 dealers in the MTN (Medium Term Notes) program.
In parallel with traditional bond issuances, Bank of America has also been involved in external private placements. The largest such loan – worth 1 billion euros, contracted last year – was arranged by the American bank, with maturity in 2030.
Romania, constant issuer on external markets
The increase in financing needs has transformed Romania into a constant issuer of bonds on external markets, both in euros and dollars.
This strategy has allowed the state to access longer-term financing and, at certain times, at more advantageous costs. At the same time, the interest of international investors in Romania has visibly increased, including through direct visits and meetings with authorities.
Investors demand stability and reforms
A significant moment occurred at the end of January when a delegation of international investors, coordinated by Bank of America, met with Prime Minister Ilie Bolojan at the Victoria Palace.
Representatives from 13 investment funds conveyed their appreciation for measures to reduce the budget deficit and optimize spending, but sought clarifications on economic and political prospects.
In discussions, investors emphasized the importance of government stability and requested details on the Executive's priorities after budget adoption, as well as fiscal consolidation plans.
External loans of almost 16 billion euros in a year
In 2025, Romania attracted external financing of approximately 11.35 billion euros and 5 billion dollars, equivalent to almost 16 billion euros.
At the same time, the total external debt – public and private – increased by about 25 billion euros, surpassing 227 billion euros, according to BNR data.
Funding pressure remains high
The involvement of major international banks brings added credibility to Romania in financial markets, but the funding needs remain high.
The Ministry of Finance still needs to cover the budget deficit – estimated to decrease to around 6% of GDP – and refinance public debt close to the 60% of GDP threshold.
At the same time, the state requires significant resources for investments in infrastructure, energy, and other strategic projects, which maintains pressure on public finances.