Subscriptions of almost 3.2 billion lei in the Fidelis offer, above those of the previous operation

The subscriptions in the Fidelis government bond offering, which took place from April 8-17, amounted to almost 3.2 billion lei, above those of the previous operation, as can be seen from the data collected by us from the platform of a house of brokerage.

The offer was divided into five installments, three in lei and two in euros. Investors concentrated on those in European currency, the subscriptions of these tranches representing about 60% of the total. For the tranche with a maturity of one year and an interest rate of 4%, subscriptions amounted to 254.9 million euros (almost 1.27 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 128.9 million euros (640.7 million lei).

For the tranches in lei, subscriptions were 635.4 million lei in the case of the one with a maturity of one year and an interest rate of 6%, respectively 378.7 million lei for the tranche with a maturity of three years and an interest rate of 6.85%.

The fifth tranche, dedicated to blood donors, accumulated subscriptions of 266.1 million lei. The interest offered in this case is 7%, and the maturity of the securities is one year.

The offer took place in a period of high inflation, but which shows signs of deceleration. For the second quarter of this year, the BNR forecasts an inflation of 5.7%, which will drop to 4.7% in the fourth quarter, respectively 3.5% in the last part of next year. In the case of the euro zone, the European Central Bank indicates an inflation of 2.3% in this, which will drop to 2% in 2025 and to 1.9% in 2026.

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 securities will be listed on the Bucharest Stock Exchange on April 23. In the previous Fidelis issue, the first of this year, the total value of subscriptions was 1.8 billion lei or 360.3 million euros.