Romania’s Ministry of Finance (MF) has successfully attracted a total of RON 1.6 billion (EUR 330 million) through the fifth Fidelis government bond issuance of 2025, targeting retail investors. The funds were raised via seven separate issues—amounting to RON 537 million and EUR 222 million—and were listed on the Bucharest Stock Exchange (BVB) on Friday, June 20th.
This latest offering was part of the broader Fidelis bond program launched in August 2020, through which the Romanian state has now raised RON 51.6 billion (EUR 10.5 billion). In 2025 alone, retail investors have contributed RON 10.7 billion (EUR 2.1 billion), reflecting continued confidence in the state’s financial instruments.
The June offering was managed by a syndicate composed of BT Capital Partners (Lead Manager), alongside Alpha Bank Romania, Banca Comercială Română, BRD – Groupe Société Générale, and TradeVille as intermediaries, with Banca Transilvania and Libra Internet Bank handling distribution. The subscription window, open from June 6th to 16th, drew over 17,600 orders for both RON- and EUR-denominated bonds.
The next Fidelis retail bond offering is expected to launch in the first decade of July, maintaining the program’s consistent issuance rhythm and strong investor interest.
Why Do Romanians Invest in Government Bonds?
Fidelis bonds offer a safe and predictable return for individual investors, especially in uncertain economic environments. These instruments are guaranteed by the state, making them among the lowest-risk investments available on the capital market.
Moreover, income from Fidelis bonds—both interest and capital gains—is exempt from taxation, enhancing net returns and making them particularly attractive compared to other fixed-income products or savings deposits.
Eligibility for these offerings includes all resident and non-resident individuals aged 18 and over at the time of the offering, making them accessible to a wide audience.
A Strategic Bridge Between State and Citizens
“The role of the Stock Exchange is to create bridges between capital and opportunities. And Fidelis is a concrete example of efficient collaboration between the public and financial sectors, for the benefit of the Romanian economy and the citizens who choose to invest,” said Adrian Tănase, CEO of the Bucharest Stock Exchange.
“This initiative strengthens the link between the State and the capital market, transforming the relationship between citizens and public finances into a more direct, responsible, and future-oriented one.”
The Fidelis program continues to illustrate the growing financial literacy and trust of the Romanian public, offering them a direct role in supporting national development.
