Romania to offer new Tezaur bonds from Monday, 9 November, at rates up to 7.50%

The offer

The Ministry of Finance will open subscriptions to a new Tezaur issue of state bonds on Monday, 9 November, and the window runs until 4 December 2026. The bonds come in three maturities of one, three and five years, paying annual interest of 6.50%, 7.00% and 7.50% respectively. Each bond has a nominal value of one leu and is issued in dematerialised form. The ministry says the income from the bonds is not taxable, which it presents as the main advantage of the programme. The funds raised will go toward financing the budget deficit and refinancing public debt.

Rates by maturity

The longer the term, the higher the coupon. One-year notes pay 6.50% a year, three-year notes 7.00% and five-year notes 7.50%, with interest paid on the dates set out in the issue prospectus. The prospectus and any later changes will be published in the government securities section and on the website of Romanian Post.

1 year6.5%

3 years7%

5 years7.5%

1 year

6.5 %

3 years

7 %

5 years

7.5 %

Data from the article text

Where and until when to buy

Buyers can use five channels, and each closes on a different date. Through the Ghiseul.ro platform, subscriptions run until 2 December 2026. Online through the Virtual Private Space (SPV), subscriptions are open until 3 December, but only for people already registered in SPV for issues launched through Treasury units. Direct purchase at Treasury units runs until 4 December, while Romanian Post outlets close on 3 December in urban areas and on 2 December in rural areas. The ministry notes that Ghiseul.ro buyers need an account on the platform and a debit card.

Eligibility and conditions

Only individuals who have turned 18 on the day they subscribe qualify. An investor may make one or more subscriptions within a single issue, and may cancel them only during the subscription period by filing a request. The ministry's communiqué states the rule on multiple subscriptions directly:

“An investor is free to make one or more subscriptions within a single issue.”

The bonds are transferable and can be redeemed early, according to the ministry.

Moving money out of the online account

For online buyers, the ministry has also published a guide to transferring funds from the subscription account to a personal bank account. The transfer requires an electronic multiple payment order (OPME) form, available on the ministry website under the Tezaur Online section. The form must carry the investor's identity details and bank IBAN, be saved as a PDF and uploaded to SPV under the option for submitting forms. Transfers up to 50,000 lei cost 0.51 lei, and amounts above that threshold cost 6 lei. The ministry recalls that Ghiseul.ro online purchases were introduced in March 2025.