In brief

  • The Ministry of Finance is putting on sale seven series of FIDELIS government bonds, with subscription between 4 and 11 September 2026. In lei it pays 6.30% over two years, 6.90% over four years and 7.50% over ten years. In euro, 4.00% over three years and 6.30% over ten years.
  • Two of the seven series are reserved for blood donors and pay exactly one percentage point more: 7.30% in lei over two years and 5.00% in euro over three years. Anyone who donated between 1 April and 11 September 2026 and holds the document proving it falls into this category.
  • One bond costs 100 lei or 100 euro, the issue price is 100% of the nominal value, and the interest is not taxed, under Article 93(1)(a) of the Tax Code. The money is settled on 16 September 2026, the day from which interest starts to run.
Act: Order of the Minister of Finance no. 1.178 of 2 September 2026
Published: Official Gazette of Romania (Monitorul Oficial) no. 744 of 3 September 2026
In force from: 3 September 2026, the date of publication, the order not providing a later date

The State is again borrowing directly from the public, at rates running from 4% to 7.50% a year that are not taxed. Order of the Minister of Finance no. 1.178 of 2 September 2026, published in Official Gazette of Romania no. 744 of 3 September 2026, approves the final terms of seven FIDELIS issues, four in lei and three in euro. One day earlier, the same ministry had published the prospectuses for the auctions through which it borrows 7.2 billion lei from banks and funds, in the same month. FIDELIS is the version open to natural persons: there is no auction, you subscribe at a fixed price, through brokers on the stock exchange.

In lei there are four series. R2809A pays 6.30% a year and is repaid on 16 September 2028. R2809B pays 7.30% and has the same maturity, but is reserved for blood donors. R3009A pays 6.90% and runs until 16 September 2030. R3609A pays 7.50% and stretches over ten years, until 16 September 2036. All four have a nominal value of 100 lei per bond and pay the coupon once a year, on 16 September.

In euro there are three series, with a nominal value of 100 euro. R2909AE pays 4.00% a year until 16 September 2029, and R2909BE pays 5.00% a year, with the same maturity, and is the one dedicated to donors. R3609AE pays 6.30% a year until 16 September 2036. For the issues in euro, the order does not name a bank as paying agent, but states that the Ministry of Finance will make the payments through the Central Depository. For the issues in lei, the paying agent is Banca Transilvania.

The calendar is identical for all seven series. The offer opens on Friday, 4 September 2026, and closes on Friday, 11 September. The allocation is also made on 11 September. The transaction date is Monday, 14 September, settlement takes place on Wednesday, 16 September, and the bonds start trading on the Bucharest Stock Exchange on Thursday, 17 September. Interest starts to accrue on 16 September 2026, that is on exactly the day the money is settled, so the buyer loses no day of interest between payment and the start of accrual.

The prospectus and the final terms are published, according to the order, on the website of the Ministry of Finance, on that of the Bucharest Stock Exchange and on the websites of the five intermediaries in the underwriting syndicate: UniCredit Bank, BT Capital Partners, BCR, BRD and Tradeville. The order also states, in each of the seven annexes, that subscriptions are irrevocable and cannot be amended. Once filed, the application cannot be withdrawn.

For those who prefer the Treasury counter or the post office to the stock exchange, the State is reopening in parallel the Tezaur programme, with subscriptions for September-October 2026.

What it changes in practice

The order does not create the FIDELIS programme and does not change any general rule. It fixes the figures of a single round: which series are launched, at what rate, for what term and on which days each step happens. From publication, these figures become binding on the State, and the intermediaries can start collecting subscriptions from 4 September 2026.

For an ordinary person, the practical effect is that he has eight days in which to put money into an instrument with a fixed rate known in advance. The minimum amount follows from the nominal value: 100 lei or 100 euro per bond, so the entry threshold is low. On 10,000 lei placed in the two-year series, the total interest is 1,260 lei, that is 630 lei a year. On the same amount put into the ten-year series, the total interest is 7,500 lei. On 10,000 euro in the ten-year series, that is 6,300 euro of cumulative interest, 630 euro a year.

The second effect is fiscal, but it does not come from this order. Article 93(1)(a) of Law no. 227/2015 on the Tax Code declares non-taxable the income obtained from holding and transferring financial instruments evidencing the public debt of the State. Government bonds fall into this category, so the interest received is net. Order no. 1.178/2026 says nothing about taxation, because it cannot: the tax regime is set by the Tax Code, not by the order approving the terms of an issue.

The third effect concerns liquidity. The bonds are admitted to trading on the regulated market of the Bucharest Stock Exchange from 17 September 2026, which means they can be sold before maturity. The order establishes the admission to trading, but not the price at which someone would buy them on the market.

What has changed compared with the previous situation

Almost nothing, and that is precisely the information. The previous edition, approved by Order of the Minister of Finance no. 1.005/2026, with subscription between 7 and 14 August 2026, also had seven series, with the same structure: two in lei over two years, one in lei over four years, one in lei over ten years, two in euro over three years and one in euro over ten years. The rates are identical, decimal by decimal: 6.30%, 7.30%, 6.90% and 7.50% in lei, 4.00%, 5.00% and 6.30% in euro. Only the dates have moved, by about a month.

The window in which the donor document has to be valid has moved too. In August, the act required a document valid between 1 March and 14 August 2026, that is 166 days. Now, between 1 April and 11 September 2026, that is 163 days. It is the same sliding window of a little over five and a half months, which moves along with the edition.

The difference from the borrowing the State takes on in the same month from institutional investors is of another kind. At the September 2026 auctions, eight of the ten series put on sale are reopenings of older issues, so the buyer also pays the interest accrued since the last coupon payment. At FIDELIS, all seven series are new: the issue price is 100% of the nominal value, and the date from which interest accrues is the issue date itself, 16 September 2026. There is no accrued interest to be paid in advance, so someone buying a bond of 100 lei pays exactly 100 lei.

Advantages and disadvantages

What it improves

  • The rate is fixed and written into the act, for the whole term. It does not depend on inflation, on the monetary policy rate or on the decision of any bank.
  • The entry threshold is 100 lei or 100 euro per bond, so the minimum amount is within reach of almost anyone.
  • The interest is not taxed, under Article 93(1)(a) of the Tax Code, so the rate announced is the one that reaches the account.
  • The buyer pays exactly the nominal value, with no accrued interest in advance, because all seven series are new issues, not reopenings.
  • The bonds start trading on the stock exchange from 17 September 2026, so they can be sold before maturity.
  • Blood donors receive one percentage point more, on two of the series.

What remains a problem

  • The order contains no cap and no total amount. From its eleven pages there is no way of finding out how much the State wants to borrow on each series, therefore not whether a subscription can be partially allocated either.
  • The subscription is irrevocable and cannot be amended from the very moment it is filed, while the allocation is made on 11 September 2026, five days before the bond actually exists, on 16 September.
  • Four of the seven series mature on a weekend day, and the annexes do not say what happens then. The detail is left to the base prospectus, a separate document.
  • The annexes in euro do not name a paying agent, unlike those in lei, where Banca Transilvania appears.
  • Anyone selling before maturity depends on the market price, and that can be below the nominal value if rates rise in the meantime.
  • The order approves seven almost identical annexes, without any summary table, so the comparison between series falls to the reader.

Practical advice

  1. Check the term, not just the rate. 7.50% over ten years and 6.30% over two years are different offers, even if they appear side by side in the same order. Money put into the 2036 series stays locked until 2036, unless you sell on the stock exchange.
  2. If you donate blood, bring the document before 11 September 2026. The certificate, the donor card or any other document attesting the status of donor has to be valid in the interval from 1 April 2026 to 11 September 2026, according to annexes no. 2 and no. 6.
  3. Choose your intermediary before 4 September 2026. The subscription is made through UniCredit Bank, BT Capital Partners, BCR, BRD or Tradeville, and opening an investment account sometimes takes a few working days.
  4. Read twice before filing the application. The order states, in each annex, that subscriptions are irrevocable and cannot be amended. There is no cooling-off period.
  5. Note down the record date, not only the payment date. The coupon goes to whoever holds the bond on the record date, which falls nine to eleven days before payment: 7 September 2027, 7 September 2028 and so on.
  6. Compare with what you already hold. The two-year series in lei and the ten-year series in euro both pay 6.30%, but in different currencies and over terms that are nothing alike. The amount in euro also depends on the exchange rate at the moment you convert it.

Frequently asked questions

What are FIDELIS government bonds, in fact?
They are loans the State takes directly from natural persons. You buy a bond of 100 lei or 100 euro, the State pays you a fixed rate of interest every year, and at maturity it returns the initial amount. FIDELIS is the programme through which these bonds are listed on the Bucharest Stock Exchange, unlike the TEZAUR programme, which is not listed.
When can I subscribe?
Between 4 and 11 September 2026, inclusive. The offer period is identical for all seven series.
What is the minimum amount?
One bond has a nominal value of 100 lei for the issues in lei and of 100 euro for those in euro. The issue price is 100% of the nominal value, so that is exactly what you pay. The minimum number of bonds and any fees are set by the intermediary through which you subscribe, not by the order.
What interest do I receive and when?
It depends on the series: 6.30%, 6.90% or 7.50% a year in lei, 4.00%, 5.00% or 6.30% a year in euro. The interest is paid once a year, on 16 September, the first time on 16 September 2027. At maturity you receive the last interest payment and the amount invested.
Is tax paid on the interest?
No. Article 93(1)(a) of Law no. 227/2015 on the Tax Code declares non-taxable the income from holding and transferring financial instruments evidencing the public debt of the State. The rate in the order is therefore the net one. The rule comes from the Tax Code, not from this order, which contains no tax provision.
What does the issue dedicated to blood donors mean?
Two of the seven series, annex no. 2 in lei and annex no. 6 in euro, are marked „Da”, yes, in the box on donor eligibility and pay one percentage point more: 7.30% instead of 6.30% in lei and 5.00% instead of 4.00% in euro. The condition is that the donor certificate, the donor card or another equivalent document is valid in the interval from 1 April 2026 to 11 September 2026.
Who do I buy through?
Through the intermediaries listed in each annex: UniCredit Bank, BT Capital Partners, BCR, BRD and Tradeville. The order states that the prospectus and the final terms are published on their websites, as well as on those of the Ministry of Finance and of the Bucharest Stock Exchange.
Can I change my mind after I have subscribed?
No. All seven annexes provide that subscriptions are irrevocable and cannot be amended. The allocation is made on 11 September 2026, and settlement on 16 September 2026.
What do I do if I need the money before maturity?
The bonds are admitted to trading on the regulated market of the Bucharest Stock Exchange from 17 September 2026, so you can sell them. The order only establishes the admission to trading. The price at which someone buys them on the market is not guaranteed and can be below the nominal value.
What is the record date?
It is the day on which it is established who receives the coupon. Whoever holds the bond on that date collects the interest, even if he sells it the next day. For the first payment, the record date is 7 September 2027, and the payment takes place on 16 September 2027.

Editorial analysis

The figures in the seven annexes add up: each issue has exactly as many interest periods as it has record dates and payment dates, two for the two-year series, three for those in euro over three years, four for the 2030 series and ten for the two ten-year series, and the last payment date coincides, everywhere, with the maturity date.

What comes to light only if you do the arithmetic is the ratio between the donor bonus and the term premium. A blood donor receives 7.30% over two years, in lei. An ordinary investor receives 6.90% over four years, on the 2030 series. So the percentage point granted to donors wipes out entirely the payment for two extra years of waiting and still leaves 0.40 points on top. Against the ten-year series, which gives 7.50%, the donor is only 0.20 points away, with a term five times shorter. In practice, everything the State pays to keep the money for eight years longer, compared with a donor who gives it for two, is twenty hundredths of a point. On 10,000 lei that means 7,500 lei of cumulative interest over ten years, against 1,460 lei over two.

The second observation comes from the calendar. Of the payment dates in the seven annexes, 16 September 2028 is a Saturday and 16 September 2029 a Sunday. This means that four of the seven series, the two in lei maturing in 2028 and the two in euro maturing in 2029, reach maturity on a non-banking day, and the ten-year series have two more coupons in the same position, in 2034 and 2035. By contrast, all ten record dates in annex no. 4 fall on working days, from Tuesday to Friday, and the distance to payment varies between nine and eleven days precisely so that it comes out that way. In other words, whoever drafted the annexes applied a working-day rule to the record dates and did not apply it to the payment dates, leaving the answer in the base prospectus, a separate document the reader has to obtain for himself.

The third thing missing is the money. The order has eleven pages full of calendar dates, ISIN codes, CFI codes and stock exchange symbols, and contains no amount at all. Nowhere does it say how much the State wants to borrow, neither in total nor per series. The comparison is brutal with the prospectuses of the auctions for banks and funds, published one day earlier, where the value of each series is set out expressly. The institutional investor learns the size of the offer from the start. The natural person does not.

What should be changed

  • Each annex should contain the total value the State may allocate per series. Whoever subscribes would know whether he risks a partial allocation and how strong the competition is for the series chosen, information that institutional investors already receive in the auction prospectuses.
  • The annexes should say what happens when the payment date falls on a Saturday or a Sunday. A single sentence, of the kind „payment is made on the first following working day, without additional interest”, would spare the buyers of the four series maturing at the weekend the search for the answer in another document.
  • The „Paying agent” row in the annexes in lei should be filled in, not left blank. In the published form, the value cell is empty, and „Banca Transilvania” appears on the row below, in the column of labels. The table can be understood, but it takes effort where it should not.
  • The annexes in euro should name a paying agent, as those in lei do. As things stand, instead of a name, the box explains why the payments go through the Central Depository. The explanation is useful, but it does not stand in for the answer to the question that the row label itself asks.
  • A summary table at the beginning of the order, with the seven series one per row. Symbol, currency, coupon, maturity, donor eligibility. Five columns that would replace working through eleven pages for the simplest question anyone asks: which series pays more and for how long.
  • The order should state which edition the round belongs to. The rates are identical to those of August 2026, and so is the structure of the series. A simple edition number would let anyone see at a glance whether the State has changed anything since the previous round or has merely moved the dates.

Original text of the legal act

The text below is reproduced in Romanian, the official form of publication.

The full text, as published in the Official Gazette of Romania

Official Gazette of Romania no. 744 of 3 September 2026 16 pages PDF, 105 KB the act starts on page 6

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This article is for informational purposes only and does not constitute legal advice. For specific situations, consult a licensed attorney or tax advisor.