Municipiul TG. Mures 6.44% 2027 (TGM27) Bond — Price, Coupon & Yield

What TGM27 is

Municipiul TG. Mures 6.44% 2027 (TGM27) is a municipal bond issued by the municipality of Targu Mures and listed on the Bucharest Stock Exchange (BVB). It pays a fixed coupon of 6.44% annually and is set to mature on Aug 15, 2027, with 0.9 years remaining until that date. The bond is denominated in RON and is part of the Municipal sector on BVB, alongside other local-government issues such as Consiliul Judetean Timis 6.31% 2028 (TIM28) and Judetul Cluj 5.857% 2033 (CJC33E).

Key numbers explained

• Price: 99.25% — the bond trades slightly below its nominal value, meaning you pay 99.25 RON for each 100 RON of face value.
• Coupon: 6.44% — the annual interest rate paid by the issuer, expressed as a percentage of the bond's face value.
• Estimated yield to maturity: 7.31% — the yield to maturity reflects the total return you would earn if you bought the bond at the current 99.25% price and held it until maturity, assuming all coupons are paid as scheduled.
• Years to maturity: 0.9 — less than one year remains until the issuer repays the principal, so the bond's price is highly sensitive to the final coupon and principal payment.
• Price change today: -0.75% — the bond's market price has fallen by 0.75% on the current trading day.
• Maturity: Aug 15, 2027 — the 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, the price of existing bonds like TGM27 typically falls, and vice versa.
• Issuer credit quality — changes in the municipality's financial health or local fiscal conditions can affect the bond's perceived risk and price.
• Time to maturity — with only 0.9 years left, the bond's price will converge toward 100 as the maturity date approaches, assuming no credit events.
• Coupon reinvestment — the 6.44% coupon payments can be reinvested, and the reinvestment rate affects the overall return.
• Liquidity on BVB — trading volume and bid-ask spreads on the Bucharest Stock Exchange can influence the ease and cost of buying or selling TGM27.