What is Fidelis and why care?

Fidelis is the Finance Ministry program issuing government bonds to retail. Buy bonds with 1-5 year maturity, 6.5-7.5% RON yield in 2026, no interest tax if held to maturity. Minimal risk, state-guaranteed.

Tezaur is also government bond, issued via Romanian Post and Treasury, 1-year maturity, typical 7% RON yield. Fidelis is bought through BVB brokers, varied maturities. Tezaur more accessible (no broker account), Fidelis more flexible.

Can I lose money on bonds?

On government bonds held to maturity, only if state defaults (unlikely for Romania over 5-year horizon). On bonds sold before maturity, price can fluctuate: if rates rise, price drops. Corporate bonds have higher default risk.

How much to start with bonds?

Tezaur: min 500 lei via Romanian Post. Fidelis: min 1,000 lei per title through BVB broker. Eurobonds: min €1,000. Diversified portfolio across 3-4 maturities: 5,000-10,000 lei reasonable start.

How are bond earnings taxed?

For Tezaur and Fidelis held to maturity: 0% interest tax (specific exemption). For corporate bonds: 10% interest tax withheld at source. Capital gain on early sale: 10%.

Bonds in Romania 2026: Fidelis, Tezaur and eurobonds

Bonds remain in 2026 the most accessible fixed-income instrument for the Romanian investor interested in preserving value with a positive real return. The yield on Fidelis government securities in RON exceeds 6.5-7.5% for maturities between 1 and 5 years, above the projected 4.8% inflation for 2026, which gives a net real return of over 2 percentage points. This guide clarifies which instruments exist, how you buy them and what taxes you pay.

Government securities: Fidelis and Tezaur

Fidelis is the Ministry of Finance programme for issuing government bonds to the public. In 2026 the issues have maturities between 1 and 5 years, coupon yields between 6.5% (1 year) and 7.5% (5 years) in RON, plus EUR issues with yields between 3.8% and 5.2%. You buy through brokers (TradeVille, BT Capital Partners, Banca Românească, Salt Bank), and the purchase fee is typically 0.1-0.2% or zero for clients of partner banks. Minimum amount: 1.000 lei per security.

Tezaur is the similar product issued through Poșta Română (the Romanian Post) and the Treasury, with no broker account needed. Standard 1-year maturity, typical yield 6.8-7.2% in RON. You buy with cash at the Post or Treasury counter with an ID card, minimum 500 lei. More accessible for those without a broker account, but with less flexibility on maturities.

Eurobonds: yield in EUR with reduced currency risk

Eurobonds are bonds issued by the Romanian state or by Romanian companies denominated in EUR and listed on external markets (Luxembourg, Frankfurt). The 2026 yields are 4.5-5.8% in EUR for sovereign bonds, 6-8% for corporate ones (Petrom, Transelectrica, OMV). The advantage: you eliminate the RON-EUR devaluation risk for investors with future euro-denominated spending (travel plans, a child at university in the EU, a house abroad). You buy through Saxo Bank or Trading 212.

BVB corporate bonds

In 2026 the BVB (Bucharest Stock Exchange) lists bonds issued by Romanian companies and some international ones. Main issuers: Hidroelectrica, Transelectrica, BCR, BT, Raiffeisen, Petrom. Yields range between 7% (BCR, BT) and 10.5% (smaller issuers). Default risk is significantly higher than for government securities, but the superior yield compensates for the investor with a moderate risk appetite. The minimum amount is typically 1.000 lei per bond.

The laddering strategy: diversification across maturities

Maria Popescu, former financial journalist at Ziarul Financiar 2010-2022: „The most effective bond strategy I have seen among sophisticated investors in Romania is laddering. You buy in parallel securities with maturities of 1, 2, 3, 4 and 5 years, each 20% of the portfolio. As each tranche matures, you reinvest at the new current yield on the longest maturity (5 years). That smooths the risk of interest-rate changes and keeps liquidity always close by. For a portfolio of 50.000 lei, that means 10.000 lei per tranche, with an average compound return around 7.1% in RON.”

Taxes: when you pay, when you do not

Tezaur and Fidelis carry a tax exemption on interest if you hold to maturity: 0% tax. If you sell before maturity, you pay 10% tax on the capital gain. Corporate bonds carry 10% tax on interest withheld at source (the issuer withholds before payment). Eurobonds carry 10% tax on interest plus a possible 10% on the capital gain at sale. Losses can be carried forward 7 fiscal years to offset future gains.

Concrete steps to start

Step 1: pick the instrument that fits your profile. For beginners and minimum risk: Tezaur through Poșta Română (500 lei at the counter). For flexibility across maturities: Fidelis through TradeVille or BT Capital (1.000 lei minimum). For EUR yield: eurobonds through Saxo (1.000 EUR minimum). Step 2: apply the laddering strategy if the total amount exceeds 5.000 lei. Step 3: at each maturity, reinvest at the new current yield. Step 4: at an early sale or on corporate interest, you declare it in Declarația 200 (the annual income statement) by 25 May.

See the BVB shares guide for the risk-return mix, the ETF guide and our fund comparator.