Municipiul Bucuresti 7.33% 2032 (PMB32) Bond — Price, Coupon & Yield

What PMB32 is

Municipiul Bucuresti 7.33% 2032 (PMB32) is a municipal bond issued by the Municipality of Bucharest and listed on the Bucharest Stock Exchange (BVB). It belongs to the Municipal sector and pays a fixed coupon of 7.33% until its maturity on Apr 19, 2032, with the principal repaid at that date. The bond is denominated in RON. In the context of a Romanian municipal bond portfolio, PMB32 sits alongside peers such as Municipiul Bacau 6.613% 2026 (BAC26A) and Municipiul Bucuresti 8.47% 2031 (PMB31), offering a relatively high coupon compared with many other local-government issues.

Key numbers explained

• Price: 97.5% — the bond trades below par, meaning you pay 97.5 RON for every 100 RON of face value, a typical discount that can boost the effective return.
• Coupon: 7.33% — the annual interest payment as a percentage of the face value; for a 100 RON nominal, this equals 7.33 RON per year.
• Estimated yield to maturity: 7.88% — the yield to maturity is the total annualised return you would earn if you bought the bond at the current 97.5% price and held it to Apr 19, 2032, assuming all coupons are reinvested at the same rate.
• Years to maturity: 5.6 — roughly 5.6 years remain until the issuer repays the principal, which places PMB32 in the medium-term segment of the municipal bond market.
• Price change today: -0.51% — the bond's price has fallen by 0.51% on the current trading day, reflecting intraday supply and demand dynamics on the BVB.
• Maturity: Apr 19, 2032 — the fixed date on which the issuer returns the face value and the final coupon is paid.

What to watch

• Interest rate movements: when market rates rise, existing bond prices tend to fall, and vice versa; PMB32's 5.6-year horizon makes it moderately sensitive to such shifts.
• Issuer credit quality: changes in the Municipality of Bucharest's fiscal position or credit outlook can affect the bond's price and yield to maturity.
• Liquidity and trading volume: lower trading activity on the BVB can widen bid–ask spreads, affecting the execution price for buyers and sellers.
• Coupon reinvestment risk: the 7.33% coupon assumes that interim payments can be reinvested at a similar rate; a decline in rates would reduce the realised total return.
• Peer comparison: investors often compare PMB32 with Municipiul Resita 6.047% 2033 (RES33E) or Municipiul Bistrita 6.49% 2029 (BIS29) to contextualise its coupon and yield relative to other municipal issues.