New Fidelis government bonds issued in February start trading on Bucharest Stock Exchange

Romania’s Ministry of Finance attracted subscriptions worth RON 379 million and EUR 124 million (totalling RON 1 billion or EUR 198.8 million) through the second offer of Fidelis government bonds dedicated to retail investors held this year through the Bucharest Stock Exchange.

The offer was carried out between February 6 and 13, and was intermediated by BT Capital Partners (Lead Manager), Banca Comerciala Romana, BRD - Groupe Societe Generale, TradeVille, UniCredit Bank (Intermediaries), and Banca Transilvania, Libra Internet Bank (Distribution Group).

During this offer, Romanians placed over 12,000 subscription orders for both RON-denominated and EUR-denominated government bonds for timelines varying from 2 to 10 years. Rates went from 6.15% to 7.25% per year for 2-year and 6-year RON-denominated bonds, respectively. EUR-denominated bonds offered yearly coupons of 3.6% to 6%, the latter for a 10-year duration.

The Fidelis program allows the Romanian government to service some of its financing needs on the local retail market. The income obtained through Fidelis government bonds, both from interest and from capital gains, is non-taxable.

Finance minister Alexandru Nazare said the government aims to push yields on Romanian government debt below 6% across all maturities by the end of the year, citing improving investor sentiment. The executive aims to achieve a 6% to 6.5% budget deficit in 2026, compared to the 8.4% one in 2024.

(Photo source: BVB on Facebook)