Subscriptions in the Fidelis offer exceeded the threshold of 200 million lei

Andrei Iacomi
English Section / 10 aprilie

Subscriptions in the Fidelis offer exceeded the threshold of 200 million lei

Versiunea în limba română

The annual interest rates are between 6% and 7% for installments in lei, respectively 4% and 5% for those in euros

Greater appetite for securities denominated in the European currency

Subscriptions in the Fidelis government bond offering exceeded the 200 million lei threshold, two days after the start of the market operation, according to our calculations based on data from a brokerage house's platform.

The offer, which started at the beginning of this week and will end on April 17, is divided into five installments, three in lei and two in euros. Investors concentrated on those in the European currency, the subscriptions of these tranches representing about two thirds of the total. Until yesterday at 16:00, for the tranche with a maturity of one year and an interest rate of 4%, the subscriptions were 15.4 million euros (76.7 million lei), while in the case of those with an interest rate of 5% and maturity of five years, the value of the purchase orders amounts to almost 9.4 million euros (46.6 million lei).

For the tranches in lei, the subscriptions were 25 million lei in the case of the one with a maturity of one year and an interest of 6%, respectively 34.1 million lei for the tranche with a maturity of three years and an interest of 6.85%.

The fifth tranche, dedicated to blood donors, had accumulated subscriptions of 19.2 million lei. The interest offered in this case is 7%, and the maturity of the securities is one year. Within this tranche, people who have donated blood since September 1, 2023 and/or who donate during the Fidelis government securities sale period can subscribe.

For the other tranches, the minimum subscription is 5,000 lei for issues in the national currency and 1,000 euros for those in the European currency.

The offer takes place in a period of high inflation, but which shows signs of deceleration. For the second quarter of this year, the BNR forecasts an inflation of 5.7%, which will drop to 4.7% in the fourth quarter, respectively 3.5% in the last part of next year. In the case of the euro zone, the European Central Bank indicates an inflation of 2.3% in this, which will drop to 2% in 2025 and to 1.9% in 2026.

In the process of underwriting Fidelis government securities, no commissions are charged by intermediary banks, and the income obtained, both from interest and from capital gains, are non-taxable.

The securities will be listed on the Bucharest Stock Exchange on April 23. The primary offer for the sale of Fidelis government bonds is mediated by the syndicate formed by BT Capital Partners (Lead Manager and Intermediary) and Banca Transilvania (Distribution Group), as well as Alpha Bank Romania, Banca Comerciala Romana, BRD - Groupe Societe Generale (Intermediaries).

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