Romania lifts retail Fidelis coupons to 7.75 per cent as euro sales rise

Romania raised the coupons on its October Fidelis retail bonds by between a quarter and half a percentage point, lifting the 10-year leu bond to 7.75 per cent, the Ministry of Finance subscription workbook shows. October euro sales were the strongest since April.

The ministry's Fidelis workbook, updated on 12 October, lists the October issues alongside every Fidelis offering since 2020. The two-year leu bond paid 6.6 per cent, up from 6.3 per cent in September; the four-year leu bond 7.15 per cent, up from 6.9 per cent; and the 10-year leu bond 7.75 per cent, up from 7.5 per cent. On the euro side, the three-year bond rose to 4.5 per cent from 4.0 per cent and the 10-year bond to 6.6 per cent from 6.3 per cent. The higher-coupon two-year leu line and three-year euro line, the ones carrying a B in their codes, rose to 7.6 per cent from 7.3 per cent and to 5.5 per cent from 5.0 per cent.

The October increases reverse part of the decline seen in the spring. The two-year leu Fidelis bond paid 6.45 per cent in January and 5.9 per cent in March before rising to 6.6 per cent now, and the 10-year euro bond paid 6.2 per cent in January, the workbook shows. Tezaur followed a similar path: its one-year coupon was 6.4 per cent in January, fell to 5.85 per cent in April and has been 6.2 per cent since September, the Tezaur data show.

October sales

On the Data Desk's aggregation of the workbook, October Fidelis subscriptions totalled about RON 311.0 million across four leu lines and EUR 184.7 million across three euro lines, against RON 254.7 million and EUR 113.7 million in September. The 10-year euro bond alone drew EUR 116.8 million from 5,520 subscriptions, the workbook records. Monthly euro sales were last higher in April, at about EUR 207.1 million.

For the year to date, Fidelis sales total RON 4,416.5 million and EUR 1,417.7 million, equivalent to RON 11,760.0 million, from 137,255 subscriptions. In 2025 as a whole, the programme raised the equivalent of RON 21,095.0 million from 216,840 subscriptions, the workbook shows.

Tezaur: steady coupons, high volumes

Romania's other retail programme, Tezaur, kept its October coupons unchanged from September at 6.2 per cent for one year, 6.75 per cent for three years and 7.15 per cent for five years, the Tezaur workbook updated on 6 October shows. Subscriptions recorded for the October issue stood at about RON 2,240.5 million, including RON 1,606.9 million for the one-year paper from 32,963 subscriptions, compared with about RON 1,467.6 million for September.

Tezaur sales for 2026 had reached RON 21,974.9 million from 476,012 subscriptions, against RON 26,079.5 million for the whole of 2025. Since the programme began in 2018, Romanians have subscribed RON 100,719.0 million, the workbook shows.

Retail bonds in the 2026 financing plan

Combined, the two programmes have raised about RON 33.7 billion this year on the Data Desk's calculation, or roughly 12.7 per cent of the RON 265 billion financing plan for 2026. The plan was 69.8 per cent covered by 12 October, with domestic borrowing well ahead of external issuance, the ministry's September flash report said.

The coupon increase on Fidelis follows higher yields at the Treasury's wholesale auctions. The flash report shows the Treasury paying 7.49 per cent for 13.84-year bonds on 28 September and 7.18 per cent for 10.05-year bonds on 8 October, while an offer of 4.81-year bonds on 1 October raised nothing. The 7.75 per cent coupon on the 10-year leu Fidelis bond sits above the yields paid at those auctions.

The ministry publishes both workbooks on its retail subscriptions page. The figures in this article are as recorded in the workbooks on their update dates and may change if later subscriptions or adjustments are added.

Method: monthly totals by currency and the combined share of the financing plan were calculated by the Data Desk from the ministry's issue-level data.