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Fidelis Bond Issue Sets Record with RON 3.5bn and 26,000 Orders
The Ministry of Finance (MF) raised over RON 1.5 billion and nearly EUR 387 million (totaling over RON 3.46 billion – EUR 697.2 million) through its fifth primary offer for government bonds targeting retail investors (FIDELIS), conducted via the Bucharest Stock Exchange (BVB) systems this year.
“A new edition of FIDELIS concluded with an outstanding result: 6,500 lives saved by donor-investors. From the bottom of my heart, I thank all donor-investors on behalf of those given a second chance. Beyond that, we’re pleased with the overall success of the offer: more than RON 3.5 billion invested by 26,000 Romanians. They have chosen a safe, tax-exempt instrument that helps grow their savings, while the state gains the resources to fund essential projects and support economic development. FIDELIS proves it fits perfectly within the dynamics of individual investments in the capital market,” said Marcel Bolos, Minister of Finance.
“We congratulate the Ministry of Finance on the historic success of the latest Fidelis government bond issuance, raising an impressive RON 3.5 billion and attracting over 26,000 subscription orders from retail investors. These achievements demonstrate the growing trust that Romanian citizens have in government-backed investments, as well as the maturity and depth of the Romanian capital market. The success highlights the strong partnership between the Ministry and the capital market in creating accessible, attractive financial instruments. This collaboration strengthens the national economy and underscores the critical role retail investors play, with their numbers reaching over 202,000 in the first half of the year,” said Radu Hanga, President of the Bucharest Stock Exchange.
“The records achieved in this issuance reflect increasing confidence in government securities and the growing strength of Romania’s capital market. Since 2020, retail investors have traded more than RON 3.2 billion in Fidelis bonds on the secondary market, accounting for around 10% of the total raised by the Ministry in the past 18 issuances. This highlights the growing activity and liquidity in the market. Congratulations also go to the partners involved in the Fidelis program, including the broker syndicate and Rock FM, whose collaboration made these results possible. Their efforts continue to enhance the accessibility and appeal of Fidelis bonds, contributing to the stability and growth of the national economy,” said Adrian Tanase, CEO of the Bucharest Stock Exchange.
The primary offer was managed by a syndicate led by BT Capital Partners (Lead Manager and Intermediary), Banca Transilvania (Distribution Group), and intermediaries Alpha Bank Romania, Banca Comerciala Româna, and BRD – Groupe Société Générale. The bonds were also available through 10 other eligible participants.
“A new Fidelis issuance sets another record, both in terms of subscriptions and the number of investors. Amid a market that has witnessed several successful issuances of government and corporate bonds and ahead of an uncertain period with major macroeconomic and political decisions looming, we see a strong investor preference for attractive, low-risk government bonds. The maturity of previous issuances has increased available funds, pushing this offering’s total above the record set in the last edition,” stated Daniela Secara, CEO of BT Capital Partners.
“The Fidelis program remains a trusted pillar for retail investors in Romania. The consistent participation and growing interest show that Romanians appreciate the benefits of this financial instrument, which continues to offer attractive returns in a volatile economic context. Fidelis is not just a success story but also a symbol of the development of the local capital market,” said Nicoleta Ruxandescu, Director of Investment and Capital Markets at Alpha Bank Romania.
“Fidelis bonds have become an essential tool for retail investors looking to optimize their portfolios, particularly for individuals with advanced knowledge of personal investments. Additionally, Fidelis bonds represent the first contact with the capital market for some subscribers, marking their initial investment in listed securities. These bonds help expand the retail segment on the Bucharest Stock Exchange in a gradual and sustainable manner. That’s why the Fidelis program is a long-term priority for the BVB,” said Irina Neacsu, Executive Director of Corporate Finance at BRD – Groupe Société Générale.
“The Fidelis government bonds exemplify a collaborative effort between the Ministry of Finance, BVB, and the banks in the consortium to promote investment education and engagement in Romania’s economy. Each bond issued is more than a savings tool; it is an investment in our collective future and the country’s sustainable development. With every issuance, we attract more investors, signaling greater interest in savings investment and confidence in the economy. It also highlights trust in our role at BCR to help Romanians make informed financial decisions for the present and future,” said Andrei Ionut Popescu, Executive Director of Financial Markets at BCR.
During this offering, held between October 2 and 11, Romanians placed a record 26,396 subscription orders for both RON- and EUR-denominated bonds.