Romania’s Ministry of Finance successfully attracted RON 838 million and EUR 101 million (a total of over RON 1.3 billion, equivalent to EUR 269.7 million) through the third FIDELIS government bond offering of 2025. The bonds, intended for retail investors, were listed on the Bucharest Stock Exchange (BVB) and mark the latest step in Romania’s expanding strategy to tap into domestic savings.
The offering ran from April 4th to 11th, during which time 16,432 subscription orders were placed for both RON- and EUR-denominated bonds.
Diverse Offer with Attractive Yields
The issuance included a mix of four lei-denominated bonds—[BSE:R2604B], [BSE:R2604C], [BSE:R2804A], and [BSE:R3004A]—and two euro-denominated bonds—[BSE:R2704AE] and [BSE:R3204AE], with maturities of 1, 2, 3, 5, and 7 years The annual interest rates offered are: Lei bonds: 6.6%, 7.3%, and 7.6% Euro bonds: 3.6% and 6.0%. Income from these bonds, including both interest and capital gains, is non-taxable for retail investors.
Intermediaries and Access
The issuance was carried out by a syndicate led by BT Capital Partners, with participation from Alpha Bank Romania, Banca Comercială Română, BRD – Groupe Société Générale, and TradeVille, supported by Banca Transilvania and Libra Internet Bank as part of the distribution group. Additionally, bonds were available through nine eligible intermediaries. Individuals over 18, both residents and non-residents, were eligible to participate, with no upper age limit.
What Happens After You Buy the Bonds?
Investors have the flexibility to either hold the bonds to maturity or trade them on the BVB via authorized banks or brokerage firms. If purchased without a financial investment services contract, bonds are registered with the Central Securities Depository.
If purchased through a trading account, the bonds are held in the investor’s account and can be traded at any time. In both cases, annual interest is paid, and the principal is returned at maturity. Long-Term Strategy.
Since August 2020, the Ministry of Finance has raised nearly EUR 9.9 billion from retail investors through 23 Fidelis bond offerings. Romania also plans to raise EUR 13 billion (approx. USD 13.64 billion) via international bonds in 2025, placing it among the most active issuers in emerging markets.
