Investors can buy, starting today, Fidelis government bonds

Investors can subscribe, starting today, to the new Fidelis government bond offer, through which the Ministry of Finance offers interest rates of up to 7.8% for lei-denominated bonds and 6.25% for euro-denominated bonds, according to information available on the Bucharest Stock Exchange (BVB) website.

The offer is structured in six tranches: four in lei and two in euro. For the bonds denominated in the national currency, the maturities are one, three and five years, with interest rates of 6.75%, 7.4% and 7.8%. There is also a tranche dedicated to blood donors, for people who can provide proof of donation starting with November 1, 2024, the bonds having a maturity of one year and an interest rate of 7.75%. The euro-denominated issues have maturities of two and seven years, with interest rates of 3.85% and 6.25%.

The offer is taking place in a context of inflation above the central banks' long-term target, set between 2% and 2.5%. In Romania, the National Bank estimates inflation of 5.3% for the second quarter, which is expected to fall to 3.1% in the fourth quarter of 2026, a forecast that does not take into account recent political developments. At the European Union level, the European Central Bank estimates inflation of 2.3% this year, with a decrease to 1.9% in 2026 and 2% in 2027.

The minimum subscription value is 1,000 euros for tranches in euros and 5,000 lei for those in lei, respectively 500 lei in the case of blood donors. The offer ends on May 16. During the subscription process of Fidelis government bonds, intermediary banks do not charge commissions. Income obtained from both interest and capital gains is non-taxable.

The bonds will be listed on the Bucharest Stock Exchange, offering investors the opportunity to sell them before maturity and collect the interest related to the holding period.

In the previous offering, held in March, the Ministry of Finance attracted 1.3 billion lei from investors.

According to the Ministry of Finance, the advantages of Fidelis bonds include: the possibility of selling before maturity with the collection of the related interest, special tranches for blood donors (with an interest rate one percentage point above the standard one) and diversification of maturities for issues in lei and euros.