Romania opens Tezaur and Fidelis government bond sales offering yields up to 7.75%

Launch of Tezaur and Fidelis retail bond offerings

The Romanian Ministry of Finance will offer two separate series of government bonds to individual investors during October 2026. The Fidelis program will accept subscriptions from 2 October to 9 October 2026, featuring bonds denominated in both Romanian lei and euros. Starting on 5 October 2026, the ministry will open the Tezaur program exclusively in lei, running through 6 November 2026 depending on the purchase channel. Both bond programs offer non-taxable earnings and are open to resident and non-resident individual investors who are at least 18 years of age.

Tezaur interest rates and subscription channels

The Tezaur issuance features three distinct maturities in lei with a nominal value of 1 leu per bond. The state offers an annual interest rate of 6.50% for one-year bonds, 7.00% for three-year bonds, and 7.50% for five-year maturities. Subscription deadlines vary according to the platform used by the investor. Subscriptions through the Ghiseul.ro portal will close on 4 November 2026, a channel available to citizens holding a registered account and a debit card since March 2025. Online purchases through the Private Virtual Space (SPV) will remain open until 5 November 2026, while physical applications at State Treasury units will conclude on 6 November 2026. Subscriptions made through Posta Romana will close on 4 November 2026 in rural branches and on 5 November 2026 in urban offices.

Fidelis terms and incentives for blood donors

The Fidelis program includes options in both local currency and euros, listed directly on the Bucharest Stock Exchange through partner banking institutions. In lei, Fidelis will offer standard annual interest rates of 6.60% for two-year bonds, 7.15% for four-year maturities, and 7.75% for ten-year instruments. The euro-denominated bonds will carry yields of 4.50% for three-year maturities and 6.60% for ten-year notes. A dedicated blood donation partnership, titled "Romania are sange de rocker", provides preferential terms for individuals who have donated blood since 1 May 2026. Donors will receive a 7.60% rate on two-year lei bonds with the minimum subscription reduced from 5,000 lei to 500 lei up to a 100,000 lei cap. On three-year euro bonds, donors will obtain a 5.50% rate, with the entry threshold lowered from 1,000 euros to 100 euros up to a 20,000 euro ceiling.

Capital allocation and investor liquidity rules

Funds generated from both debt issuances will finance the national budget deficit and refinance Romania's public debt. Both Tezaur and Fidelis instruments are dematerialized and transferable, granting investors the option to exit positions prior to maturity. Fidelis holders can sell their notes on the secondary market at prevailing exchange rates while retaining accrued interest for the holding period. Tezaur holders can redeem bonds early or transfer accumulated returns to personal bank accounts using an electronic multiple payment order (OPME) form available through the ministry website.