Subscriptions in the Fidelis offer exceeded the 300 million lei threshold

Subscriptions in the Fidelis government securities offer exceeded the 300 million lei threshold yesterday, with the most sought-after being the short-term lei securities, according to our calculations based on data from a brokerage house.

The offer, which began at the end of last week and will end on Friday, is structured in six tranches, four in lei and two in euros. The lei securities with a maturity of one year and an interest rate of 6.6% per annum had collected subscriptions of 117 million lei, until yesterday near the closing of the program in which investors could launch purchase offers, while the tranche with a maturity of three years and an interest rate of 7.3% had subscriptions of 29.2 million lei. The five-year tranche with an interest rate of 7.6% had accumulated subscriptions of 25.8 million lei.

For the blood donors' tranche with an interest rate of 7.6% and a maturity of one year, the value of the purchase orders amounted to 22 million lei. Unlike previous offers, the Ministry of Finance has now set a maximum threshold of 100,000 lei for blood donor subscriptions.

The euro tranches have maturities of two and seven years, with annual interest rates of 3.6% and 6%, with subscriptions amounting to 9.1 million euros (45.3 million lei) and 12.1 million euros (60.6 million lei), respectively, by yesterday near the close of the stock market session.

The minimum subscription is 1,000 euros for tranches in euros and 5,000 lei for those in lei, respectively 500 lei for blood donors, the offer ending at the end of this week, on April 11.

In the process of subscribing to Fidelis government securities, no commissions are charged by intermediary banks, and the income obtained, both from interest and from capital gains, is non-taxable. The securities will be listed on the Bucharest Stock Exchange, so that investors have the opportunity to sell the bonds before maturity, receiving interest related to the holding period.

Through the previous offer, carried out in March, the Ministry of Finance attracted 2.25 billion lei from investors. According to Finance, among the benefits offered by Fidelis securities are: the possibility of selling the securities before maturity and receiving interest related to the holding period; special tranches for blood donors, with one percentage point above the regular interest rate; diversification of maturities for securities in lei and euros.