The latest Fidelis offer starts tomorrow; interest rates between 3.1% and 8.2%

The Ministry of Finance is launching a new edition of the Fidelis government bond program, which will run between September 5 and 12, with interest rates between 3.1% and 8.2%, according to an announcement by the institution.

The offer is made up of eight tranches, four in lei and four in euros. The tranches in the national currency have maturities of two, four and six years, with annual interest rates of 7.2%, 7.6% and 7.9%. The fourth tranche is intended for blood donors, has a maturity of two years and an interest rate of 8.2%, and people who provide proof of donation starting with April 1 are eligible.

The market operation is taking place in a period of rising inflation. The annual inflation rate - calculated on the basis of the consumer price index (CPI) - was around 7.8% in July 2025 compared to July 2024, up sharply from the rate of around 5.7% recorded in June. The National Bank of Romania has revised upwards its inflation forecast for the end of this year, from 4.6% to 8.8%, an estimate that does not take into account the latest data from July, however. "In September, when the peak is likely to be, instead of nine, it will probably be around 9.6-9.7%, the inflation peak, followed by a gradual absorption of shocks. Indeed, in our forecast, by the end of next year, inflation will not only fall within the target range, but will even be lower than the inflation forecast in the previous inflation report,” Governor Mugur Isărescu said in the middle of last month.

The Fidelis euro tranches have maturities of two years, five years and ten years, with interest rates of 3.1%, 5.25% and 6.5%.

The blood donor tranche has a maturity of two years and an annual interest rate of 4.1%. For the euro area, the latest estimates of the European Central Bank indicate an inflation of 2% this year, which will decrease to 1.6% in 2026 before returning to 2% in 2027.

The nominal value of a Fidelis security is 100 lei, respectively 100 euros, and the securities will be listed on the Bucharest Stock Exchange. Donor-investors enjoy a minimum subscription threshold reduced from 5,000 lei to 500 lei, within a maximum ceiling of 100,000 lei, while for euro-denominated securities the minimum subscription threshold is 100 euros for donors, reduced from 1,000 euros, within a maximum ceiling of 20,000 euros.

Through the latest Fidelis government securities offering, the Ministry of Finance attracted 552.3 million lei and 195 million euros (the equivalent of 1.53 billion lei).

During the Fidelis government securities subscription process, intermediaries do not charge commissions. Income obtained, both from interest and capital gains, is non-taxable, while listing on the BVB offers investors the opportunity to sell them before maturity and collect the interest related to the holding period.