Romania’s Ministry of Finance announced a record-breaking Fidelis government bond issuance, attracting over RON 4.3 billion (EUR 865 million) in subscriptions during the February 7-14 period. The latest offering exceeded the previous high of RON 3.5 billion recorded in October 2024.
This marks the first bond issuance on the Bucharest Stock Exchange (BVB) in 2025 and the 21st offering since the Fidelis program resumed in July 2020. Over its past 20 issuances, the Ministry has secured more than RON 40.9 billion (EUR 8.3 billion) from individual investors.
Six-Tranche Structure & Blood Donor Incentive
The 2025 Fidelis IPO consists of six tranches:
- Two EUR-denominated issues
- Four RON-denominated issues (including a special tranche for blood donors)
The blood donor-exclusive tranche was open only to investors who donated blood between September 1, 2024, and February 14, 2025.
Investor Participation & Intermediaries
Eligible resident and non-resident individuals over 18 years old subscribed to the RON and EUR Fidelis government bonds via the Bucharest Stock Exchange.
The offering was facilitated by a consortium of financial institutions, including:
- Alpha Bank Romania
- BT Capital Partners & Banca Transilvania
- Banca Comerciala Romana
- BRD – Groupe Société Générale
- Libra Internet Bank
- TradeVille
All participating intermediaries were authorized by the Financial Supervisory Authority and adhered to the offering’s prospectus terms under the guidance of the Lead Manager.
The overwhelming response highlights strong investor confidence in Romania’s government bond program, setting a promising tone for future issuances in 2025.
