Greater appetite for installments in euros, in the Fidelis offer

Investors show a higher appetite for tranches in euro currency, at the last offer of Fidelis government securities intended for the population, as it appears from the subscriptions made until yesterday, at 14:00, according to the data collected by us from the platform of a brokerage house.

For the tranche with a maturity of one year and an interest of 3.95%, subscriptions amounted to approximately 119 million euros (592.3 million lei), while in the case of those with an interest of 5% and a maturity of five years, the value of the orders of purchase amounts to 92.1 million euros (458.7 million lei).

For the tranches in lei, the subscriptions were 351.1 million lei (70.5 million euros) in the case of the one with a maturity of one year and an interest rate of 5.85%, respectively 298 million lei (59.8 million euros) for the tranche with five-year maturity and 7% interest.

The tranche dedicated to blood donors had accumulated subscriptions of 109.7 million lei (22 million euros). The interest offered in this case is 6.85%, and the maturity of the securities is one year. Within this tranche, people who have donated blood starting from May 1, 2024 can subscribe.

Thus, about 60% of the total subscriptions of 363 million euros made until yesterday, at 14:00, had been made in the European currency.

The offer takes place in a period of disinflation. For the third quarter of next year, the BNR forecasts inflation of 3.2%, similar to that estimated for the second quarter of 2026. The European Central Bank indicates inflation of 2.2% next year, which will decelerate to 1.9% in 2026.

The minimum subscription is 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 is 500 lei. The offer, which started on October 2, will end tomorrow, at 13:00.

In the process of underwriting Fidelis government securities, no commissions are charged by intermediary banks, and the income obtained, both from interest and from capital gains, are non-taxable.

The primary offer for sale of Fidelis government securities is mediated by the banks BT Capital Partners&Banca Transilvania, Banca Comercială Română, BRD - Groupe Societe Generale and Alpha Bank. The securities will be listed on the Bucharest Stock Exchange.