In brief

  • The Ministry of Finance approved, through Order No. 1,005/2026, the final terms for 7 FIDELIS government bond issues, aimed exclusively at individual investors, with subscription between 7 and 14 August 2026.
  • Fixed annual interest rates range from 4.00% to 7.50%, depending on currency (lei or euros), maturity (2028-2036) and whether the investor is a blood donor, which earns a higher rate.
  • Bonds are bought at 100% of face value (100 lei or 100 euros per bond), issued on 19 August 2026, and listed on the Bucharest Stock Exchange on 20 August 2026.
Act: Ministry of Finance Order No. 1,005/2026
Published: Official Gazette of Romania (Monitorul Oficial) No. 652 of 6 August 2026
In force from: 6 August 2026 (subscription period: 7-14 August 2026)

The Romanian state is launching a new round of direct borrowing from citizens, with interest rates of up to 7.50% a year, through the FIDELIS programme. Order of the Minister of Finance No. 1,005/2026, published in Official Gazette of Romania No. 652 of 6 August 2026, approves the final terms for seven government bond issues, launched under the FIDELIS Programme’s base prospectus, a programme aimed exclusively at individual investors.

The bonds can be bought between 7 and 14 August 2026, at 100% of face value (100 lei or 100 euros per bond), through members of the placement syndicate (UniCredit Bank, BT Capital Partners, BCR, BRD, Tradeville) or through participants in the Central Depository system. The issue date is 19 August 2026, and the bonds are listed on the Bucharest Stock Exchange on 20 August 2026.

The seven issues cover five maturities (2028, 2029, 2030 and 2036) and two currencies (lei and euros), with fixed annual interest paid yearly, as follows: 7.30% (lei, 2028 maturity, for blood donors) and 6.30% (lei, 2028 maturity, standard); 5.00% (euros, 2029 maturity, donors) and 4.00% (euros, 2029 maturity, standard); 6.90% (lei, 2030 maturity); 7.50% (lei, 2036 maturity, the longest and best-paid issue); and 6.30% (euros, 2036 maturity).

What it changes in practice

Individuals gain access, for another round, to a fixed-rate savings alternative guaranteed by the state, higher than usual bank deposit rates, especially for the longer-term issues (7.50% a year for the bond maturing in 2036).

Anyone holding a valid blood-donor document issued between 1 March and 14 August 2026 receives an extra rate compared with the standard issue of the same maturity and currency (for example 7.30% versus 6.30% in lei, 2028 maturity, or 5.00% versus 4.00% in euros, 2029 maturity) – a social measure built into the FIDELIS programme to encourage blood donation.

Subscriptions are irrevocable and cannot be changed once made, and coupon (interest) payments are made annually, on the payment dates set for each issue, with the final payment coinciding with full repayment of the face value at maturity.

Euro-denominated bonds settle exclusively through the Central Depository, both for investors buying through the placement syndicate and for those accessing the European T2S platform directly.

What has changed compared with the previous situation

The FIDELIS programme, initially approved through Order of the Minister of Public Finance No. 2,118/2020, continues with a new series of issues; what is new in this round is the interest-rate structure and the maturities offered, set separately from earlier rounds according to current public-debt market conditions.

Compared with the similar issue approved through MF Order No. 967/2026 for August 2026 (aimed, however, at institutional investors through auctions), the FIDELIS issue remains the channel dedicated exclusively to the public, with direct subscription at the counter or online, not through market auctions.

The 7.50% rate for the 10-year bond (2036 maturity) is the highest rate in the current structure, reflecting both the long investment horizon and the level of benchmark interest rates in the economy at the time of launch.

Advantages and disadvantages

What it improves

  • Fixed, known-in-advance interest rates, guaranteed by the Romanian state, with annual coupon payments, suited to investors who prefer predictability.
  • A real interest bonus for blood donors (1 percentage point extra on eligible issues), a social measure with a direct financial effect.
  • Easy access for the public, through several channels (banks, brokers, online platform), without needing to take part in complex auctions.
  • Listing on the Bucharest Stock Exchange, so the bonds can also be traded before maturity if an investor needs liquidity.

What remains a problem

  • Subscriptions are irrevocable; the money stays locked in until maturity or until a possible sale on the secondary market, which can involve capital losses if market interest rates rise.
  • The rate on euro bonds (4.00%-6.30%) is noticeably lower than on lei bonds, reflecting the difference in currency risk and benchmark rates between the two currencies.
  • The subscription window is short (7-14 August 2026), and anyone who misses the deadline loses this round’s terms.
  • The blood-donor document must be valid within the 1 March-14 August 2026 window; older or newer documents do not qualify for the extra rate.

Practical advice

  1. If you have donated blood in recent months, check whether your donor certificate or card falls within the 1 March-14 August 2026 window and claim the higher rate at subscription, where applicable.
  2. Choose the currency based on your saving purpose. Lei bonds offer higher interest, but euro bonds can be useful if you have future expenses planned in euros or want to reduce exposure to the leu-euro exchange rate.
  3. Compare the maturity with your real investment horizon. The 10-year bond (2036) has the highest rate but also locks up your money the longest; for shorter-term needs, the 2028-2030 maturities are more suitable.
  4. Subscribe early, not on the last day. The official window is 7-14 August 2026, but processing through banks or brokers can take extra time, especially for new accounts.

Frequently asked questions

What is the FIDELIS programme?
A Ministry of Finance programme through which the state issues government bonds aimed exclusively at individuals, listed on the Bucharest Stock Exchange, as a savings alternative with a fixed, state-guaranteed interest rate.
How many issues does Order No. 1,005/2026 approve, and at what rates?
Seven issues, with interest rates between 4.00% and 7.50% a year, depending on currency (lei or euros), maturity (2028, 2029, 2030 or 2036) and whether the investor is a blood donor.
How does the blood-donor bonus work?
Investors holding a valid blood-donor document (certificate or card) issued between 1 March and 14 August 2026 receive a higher rate on eligible issues, compared with the standard variant of the same maturity and currency.
When and how can this round’s FIDELIS bonds be bought?
Between 7 and 14 August 2026, at 100% of face value, through members of the placement syndicate (UniCredit Bank, BT Capital Partners, BCR, BRD, Tradeville) or through participants in the Central Depository system.
Can FIDELIS bonds be sold before maturity?
Yes, because they are listed on the Bucharest Stock Exchange starting 20 August 2026, so they can be traded on the secondary market, although the sale price may differ from face value depending on market conditions.

Original text of the legal act

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

Official Gazette of Romania no. 652 of 6 August 2026 16 pages PDF, 105 KB the act starts on page 3

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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.