Record subscriptions in the latest issue of Fidelis government bonds

Subscriptions from the latest Fidelis government bond offering, which ended at the end of last week, amounted to almost 3.5 billion lei, according to the data we collected from the platform of a brokerage house, above the record set in the August offer, by about 3.2 billion lei.

The offer was made in five tranches, three in lei and two in euros, about 55% of the subscriptions being in the European currency. For the tranche with a maturity of one year and an interest rate of 3.95%, subscriptions amounted to 216.6 million euros (almost 1.08 billion lei), while in the case of those with an interest rate of 5% and a maturity of five years, the value of purchase orders amounted to almost 170.6 million euros (848.2 million lei).

For the tranches in lei, subscriptions were 679.3 million lei for the one with a maturity of one year and an interest rate of 5.85%, respectively 604 million lei for the tranche with a maturity of five years and an interest rate of 7%.

The fifth tranche, dedicated to blood donors, accumulated subscriptions of 254.9 million lei.

The interest offered in this case is 6.85%, and the maturity of the securities is one year. 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 securities will be listed on the Bucharest Stock Exchange on October 17.

In the process of underwriting Fidelis government bonds, no commissions were charged by the 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.