Many Romanians buy government securities through the Fidelis and Tezaur programs. The head of the treasury, Stefan Nanu, claims that the Ministry of Finance sold 21 billion under two programs last year. If some have more money and go to Fidelis, those with smaller amounts go to the treasury.

“Many people who write to us say they want Fidelis to buy more often. We agreed on this with the banks (5 issues in 2024, not 4, as in previous years). We expect from the retail market, according to the two instruments we have, a volume between 22-25 billion lei this year,” said a representative of the Ministry of Finance during a conference organized by Ziarul Financiar.

According to his statements, there are currently discussions about diversifying the distribution channel for Tezaur, but he did not want to give more details. They are now sold through the Treasury, Romanian Post and Virtual Private Space (SPV).

There are people who invest 100 lei in the treasury

“We have feedback from the Treasury: there are people who also put 100 lei. Anyone can invest,” says Nanu.

He believes that Fidelis has investors with a little more financial education, who are used to financial markets, with larger amounts: the minimum purchase price is higher. This is approximately 5,000 lei or 1,000 euros (for issues in European currency). The exception is the tranche intended for blood donors, where the minimum amount is lower (500 lei) and the interest is higher by one percentage point.

According to him, thanks to measures to limit cash transactions, more and more cash will enter the financial system.

“Government securities are an alternative instrument that can bring possibly better returns than deposits. In terms of euros, I don’t know what banking product offers 5 years on the market,” the head of the Treasury says.

Last year, Romanians lent 9.38 billion lei to the state through Fidelis through 63,734 subscriptions, according to data from the Ministry of Finance. At Tezaur, this amount is more than 12.1 billion lei due to 286,873 subscriptions.

In the first months of 2024, the state has already borrowed 3.25 billion lei from the population through Tezaur, and the equivalent of 1.8 billion lei through Fidelis.

Some government securities appear in the top of the most traded instruments on the Bucharest Stock Exchange

Fidelis government bonds are listed on the Bucharest Stock Exchange, so anyone can buy them on the market.

In the top 25 instruments traded on the BVB (by value), presented by Razvan Pashol, CEO of Patria Asset Management, covering the last 12 months (March 12, 2023 – March 12, 2024), we see that two issues in euro appear at the top.

It is about R2512AE in position 15, with 144.4 million lei. These titles were listed in 2020 and the price today reached €94.85 per title.

Also in 21st place is R2508AE (also in EUR), the value of transactions is equivalent to 94.3 million lei.

We remind you that they were signed for 100 lei per share, the maturity date of both is 2025.

Fondul Proprietatea (3.12 billion lei), Hidroelectrica (2.13 billion lei), Banca Transilvania (2.09 billion lei), OMV Petrom (1.58 billion lei) and Romgaz (890.9 million lei).

See also: March-April 2024 Treasury starts work on Wednesday: interest rates up to 6.85%