The December edition, the eleventh and last edition of this year's FIDELIS government bond program, which took place between December 5 and 12, 2025, attracted subscriptions of almost 1.5 billion lei (1.49 billion lei), the Ministry of Finance announced on Monday.
The state borrowed 1.5 billion lei from Romanians in just one week
During the offer period, investors placed a total of 12,724 subscription orders, with a total investment value of 464.70 million lei and 201.50 million euros.
“We end 2025 with an absolute record since the launch of the program and the partnership with Rock FM. The total amount invested by Romanians in the 11 editions this year exceeds 21.1 billion lei, a result that proves the maturity of the local market. What we are particularly pleased about this edition is the record appetite for the 10-year euro maturity. The fact that Romanians choose to place their savings over such a long time horizon is the strongest vote of confidence given to the savings instruments of the Ministry of Finance. At the same time, the solidarity of donor-investors remained exemplary in 2025: they invested over 1.77 billion lei (1,775,546,100 lei) through 31,501 orders, saving lives and investing in their future“, said Alexandru Nazare, the Minister of Finance.
Edition results
The special tranche dedicated to blood donors, with a maturity of 2 years and an interest rate of 7.55%, attracted 70.1 million lei through a number of 1,791 subscription orders, investors benefiting from the minimum subscription threshold reduced to 500 lei.
Regarding the standard issues in lei, investors had three maturities at their disposal. For the 2-year maturity (6.55% interest), subscriptions in the amount of 167.66 million lei were registered, made through 2,040 orders. The 4-year maturity (7.10% interest) totaled 37.99 million lei, being accessed through 588 orders, while the 6-year maturity bonds (7.50% interest) attracted 188.91 million lei through 1,279 orders.
For instruments denominated in euros, the offer included maturities of 3, 5 and 10 years, and the results confirm a clear trend of orientation of Romanians towards long-term investments. The 3-year maturity (interest rate 3.75%) recorded subscriptions of 52.27 million euros (the equivalent of approximately 266 million lei) through 1,751 orders, and the 5-year maturity (interest rate 4.75%) accumulated 33.93 million euros (the equivalent of approximately 172 million lei) through 1,143 orders.
The star of this edition, however, was the 10-year maturity (6.20% interest), which recorded the highest number of subscriptions among all the tranches of the issue. This attracted 115.33 million euros (the equivalent of approximately 587 million lei) through 4,132 orders. The fact that the longest maturity was also the most accessed demonstrates the high confidence of investors in the Romanian state and their preference for safe and predictable long-term investments.
Record balance for the year 2025
The FIDELIS program recorded the best performance in its history in 2025. Cumulating the results of the 11 editions, including the one in December, the total value of this year's subscriptions amounts to over 21.1 billion lei, being the largest amount attracted in a single year since the start of the program.
Since the launch of the FIDELIS Program, the total investments attracted were 62.12 billion lei, and the contribution of donor-investors exceeded the threshold of 3.91 billion lei, funds that supported both the financing needs of the state and the medical system through blood donation.
