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(Bloomberg) -- Romania is selling international bonds for the second time this year to help finance its budget deficit amid political turmoil before the presidential election.

The eastern European nation plans to sell euro-denominated bonds due in 2032 and 2039 ahead of the May 4 presidential rerun that’s raised investor concerns about government efforts to rein in one of the widest fiscal gaps in the European Union.

The government is selling the shorter bonds with a spread of 335 basis points over midswaps and 400 basis points for the 14-year security, which is tighter than initial price guidance, according to a person with knowledge of the matter, who asked not to be identified. Total bids exceed €7.25 billion ($7.8 billion) for the debt.

The sale comes just before the rescheduled presidential election that triggered Romania’s worse political crisis since the fall of communism and complicated government plans to narrow the deficit to 7% of economic output. The uncertainty centers around a potential victory for a far-right or an independent candidate who could advocate for a new ruling coalition.

The vote’s outcome could have implications for investor confidence, the sustainability of the coalition government and its political capacity to implement fiscal consolidation, Fitch Ratings, which cut the outlook on Romania’s sovereign credit score to negative in December, said in a report late on Tuesday.

The Black Sea nation already raised €2.8 billion and $1.25 billion in euro- and dollar-denominated bonds in February. It will likely remain one of the biggest borrowers among central and eastern European nations with a plan to tap €13 billion from foreign markets this year, after raising a record €18 billion in 2024.

--With assistance from Andra Timu and Colin Keatinge.

(Updates with final spread in third paragraph)