A record amount: Finances collected 3.2 billion lei through the Fidelis offer

• Interest rates between 5.8% and 7% for securities in lei, respectively 4% and 5% for securities in euros

• The titles will be listed on the BVB on August 26

The Ministry of Finance collected a record amount of 3.23 billion lei from the population, through the latest Fidelis government bonds offer, over the previous record set in April, of 3.19 billion lei, according to data collected by us from a broker's platform.

Between tranches the subscriptions were relatively similar, about 52% of the value of the purchase orders launched being for securities in the national currency, investors showing a preference for the longer maturity. The tranche with a maturity of one year and an interest rate of 5.8% accumulated subscriptions of 514.6 million lei, while in the case of those with an interest rate of 7% and a maturity of five years, the value of purchase orders amounted to 970.3 million lei.

The tranche dedicated to blood donors had accumulated subscriptions of 202 million lei. The interest offered in this case is 6.8%, and the maturity of the securities is one year. People who donated blood starting from March 1, 2024 could subscribe in this tranche.

The offer, which took place between August 8 and 20, took place during a period of disinflation. For the last quarter of this year, the BNR forecasts an inflation of 3.1%, which will drop to 3.2% at the end of next year.

For the tranches in euros, subscriptions amounted to 205.3 million euros (one billion lei), in the case of the one with a maturity of one year and 4% interest, respectively 105.8 million euros (526.8 million lei) for the tranche with a five-year maturity and 5% interest. The European Central Bank indicates inflation of 2.5% this year, which will decelerate to 2.2% in 2025 and 1.9% in 2026.

The minimum subscription in the offer was 5,000 lei for issues in the national currency and 1,000 euros for those in the European currency. For the installment of blood donors, the minimum subscription was 500 lei. The income obtained, both from interest and from capital gains related to the trading of government securities, are non-taxable.

This was the fourth Fidelis issue made by the Ministry of Finance this year, with the titles to be listed on the Bucharest Stock Exchange on August 26.