A growing share of Romanians now treat government bonds as a serious alternative to a bank deposit. The reason is simple: comparable or higher yields, zero tax on the coupon, and a direct guarantee from the Romanian state. In June 2026, Tezaur offers 7.15-7.65% across the 1 to 5-year curve, and some Fidelis tranches have pushed past 7.80% on lei-denominated bonds. This guide explains what these instruments are, how they work, how to buy them, and the traps most advertising glosses over.
The numbers below are current to 18 June 2026, sourced from the Ministry of Finance website and Bucharest Stock Exchange filings.
Quick answer
Government bonds are loans you grant the Romanian state at a fixed coupon. There are two main programmes: Tezaur (sold via the Treasury and the Romanian Post, 1 lei minimum) and Fidelis (traded on the BVB, 1,000 lei or 1,000 EUR minimum). June 2026 yields are 7.15% at 1 year, 7.40% at 3 years, 7.65% at 5 years. The coupon is tax-free under Fiscal Code art. 93(1)(b). State guarantee has no cap, but the real risk is sovereign solvency, currently rated BBB- by S&P.
What government bonds are
These are debt instruments issued by the Ministry of Finance to fund the budget deficit. You lend a sum to the Romanian state for a set period, usually 1, 3 or 5 years, and receive your capital back plus a fixed coupon expressed as an annual percentage. The key difference from a bank deposit is that the issuer is no longer your local bank but the Romanian state directly, which shifts the risk from a private institution to a sovereign entity.
Two parallel channels exist on the Romanian market, Tezaur and Fidelis, both issued by the same ministry but accessed through different routes.
Tezaur, the programme for everyone
Launched in 2018, Tezaur is the retail channel. You buy through the State Treasury or any Romanian Post office. The minimum is 1 lei. Typical maturities are 1, 3 and 5 years. Early redemption is free of penalty on capital, you only forgo the coupon for the period not held. New tranches are issued monthly and announced on mfinante.gov.ro 7 to 10 days before subscription opens.
Fidelis, the exchange route
Launched in 2020, Fidelis bonds are listed and tradable on the Bucharest Stock Exchange. You buy through an authorised broker such as Tradeville, BT Capital Partners or Goldring, with a trading account opened in advance. The minimum is one full bond, usually 1,000 lei for lei tranches and 1,000 EUR for foreign-currency ones. The advantage over Tezaur is liquidity, since you can sell on the secondary market at any time. The downside: the sale price may sit below face value if rates have risen in the meantime.
How the yield works
The advertised yield is the gross annual coupon, paid semi-annually or annually depending on the tranche. On 23,470 lei placed in a 5-year Tezaur with a 7.65% coupon, you collect 1,795 lei per year and recover the 23,470 lei capital at maturity. Total earned over 5 years: 8,975 lei. A deposit at 6.30% with 10% tax on the same sum and horizon nets 6,314 lei. The difference for essentially the same risk: 2,661 lei, a meaningful gap.
June 2026 comparison table
| Instrument | Maturity | Gross coupon | Tax | Net yield |
|---|---|---|---|---|
| Tezaur lei | 1 year | 7.15% | 0% | 7.15% |
| Tezaur lei | 3 years | 7.40% | 0% | 7.40% |
| Tezaur lei | 5 years | 7.65% | 0% | 7.65% |
| Fidelis lei | 5 years | 7.55%-7.80% | 0% | 7.55%-7.80% |
| Fidelis EUR | 5 years | 4.80% | 0% | 4.80% |
| Deposit lei, top 5 banks | 1 year | 5.90%-6.30% | 10% | 5.31%-5.67% |
| Deposit lei, top 5 banks | 3 years | 5.80% | 10% | 5.22% |
How to buy Tezaur, step by step
The procedure is simple, but each step has details worth knowing.
Step 1, pick the tranche. The mfinante.gov.ro Tezaur section lists active issues with maturity, coupon and subscription window (usually 10 to 15 business days each month).
Step 2, show up with your ID. Go to your local Treasury office or any Post branch offering the Tezaur service. Fill the form, attach an ID copy, sign.
Step 3, pay. Cash, card or bank transfer. Minimum 1 lei, no cap for resident individuals. Treasury commissions are zero, the Post charges 0 lei for subscriptions up to 47,500 lei and 0.15% above.
Step 4, receive your title. On the spot, as proof of ownership. The funds stay in Treasury custody until maturity or early redemption.
Step 5, collect coupons. Paid annually or semi-annually into the bank account specified at subscription. Principal returns in full at maturity.
How to buy Fidelis
Here the process is more technical. You need a trading account with an authorised broker, opened in 2 to 5 business days at no cost. You then fund the account by bank transfer.
When a Fidelis tranche launches, announced 2 to 3 weeks in advance, you place a subscription order during the initial window (typically 5 business days). Broker commission runs between 0.3% and 0.8% of trade value. Listed bonds receive an ISIN and trade freely on the secondary market afterwards.
The Mihai case, Bucharest, May 2026
Roman Dumitrescu, former BCR risk analyst: "A close friend, Mihai, 47, an IT entrepreneur with his own firm, asked me in May 2026 where to keep 174,300 lei he plans to spend three years from now on a land purchase. The options on the table were: a 3-year BCR deposit at 5.80% gross, 5.22% net of tax; Tezaur 3-year at 7.40% net; Fidelis 3-year at 7.55% net; a bond fund with historical 4.9% returns and market risk."
"The hard numbers: the BCR deposit returns 28,500 lei in cumulative net gain over the period, Tezaur returns 41,490 lei, Fidelis 42,340 lei. The gap between deposit and Tezaur for what is effectively the same risk in Romania (BBB- sovereign versus BBB+ BCR) is 12,990 lei. He picked Tezaur, arguing that the operational simplicity (one trip to the Treasury versus opening a broker account) was worth the small Fidelis edge. Takeaway: for sums under half a million and 3 to 5-year horizons, Tezaur offers the best yield-to-effort ratio on the Romanian market in 2026."
Taxation: why these bonds appeal
Romanian Fiscal Code art. 93(1)(b) exempts interest income from government bonds issued by the Ministry of Finance. The exemption applies to both resident and non-resident individuals.
Capital gains from early sale are tax-free if you hold the bond for more than 365 days (a long-term capital gains regime). For holdings under one year, the gain is taxed at 10%.
Bank deposits, by comparison, carry a 10% tax on interest, withheld automatically by the bank. On a 47,500 lei placement at 6.30% gross, a deposit returns 2,694 lei net after 299 lei in tax, while Tezaur at 7.15% returns 3,396 lei net. Annual difference: 702 lei for essentially the same operational and credit risk.
The real risks
Contrary to how Tezaur is sometimes pitched as a no-risk product, risk does exist and should not be ignored.
Sovereign risk. Romania carries a BBB- rating from S&P as of June 2026, investment grade but at the lower end. A downgrade would push refinancing costs higher. The probability of default over a 5-year horizon is small (below 1% according to Moody's and S&P reports), but not zero.
Inflation risk. The coupon is nominally fixed. If average inflation over the holding period reaches 4%, the real yield on a 7.15% Tezaur drops to 3.15%. At 8% inflation (the 2022 peak), real yield turns negative. Inflation-indexed Tezaur tranches exist as a hedge, but their starting coupon is lower.
Market risk on Fidelis. If you sell before maturity on the BVB, the price depends on how rates have moved. A 1% rise in market rates pushes a 5-year Fidelis with a 7.55% coupon down by roughly 4%. On a 47,500 lei position, that means 1,900 lei in capital loss.
2026 issuance calendar
The Ministry of Finance publishes an indicative annual calendar each December for the following year. Tezaur tranches are monthly, Fidelis tranches are quarterly. The 2026 calendar announced on 15 December 2025 included 12 Tezaur tranches (one per month) and 4 Fidelis tranches (March, June, September, December). Adjustments occasionally follow market conditions.
Government bonds versus other savings instruments
A direct comparison for an investor with a 3-year horizon and 47,500 lei to deploy:
| Instrument | Net yield 3 years | Total gain | Liquidity | Risk |
|---|---|---|---|---|
| Tezaur 3 years | 7.40% | 10,545 lei | Medium (early redemption) | Sovereign BBB- |
| Fidelis 3 years | 7.55% | 10,770 lei | Good (BVB) | Sovereign plus market |
| Deposit 3 years top 5 | 5.22% | 7,435 lei | Weak (penalty) | FGDB 100k EUR |
| Bond fund | 4.5%-5.5% | 6,413-7,853 lei | Good | Market |
| Current account | 0.1%-1% | 142-1,425 lei | Excellent | Near zero |
For sums under 47,500 lei and 1 to 5-year horizons, government bonds win clearly on the yield-risk-tax balance. For sums above 470,000 lei and diversification, a mixed approach with a bond fund and equities is standard.
Frequently asked questions
Can government bonds be inherited? Yes. On death, the bonds enter the estate and transfer based on the certificate of succession. The procedure takes 1 to 2 months at the Treasury.
Can I gift government bonds? Not directly with Tezaur (it is nominal). With Fidelis, you can transfer via a deed of donation registered with the broker.
How many Tezaur issues can I hold at once? No limit. Many savers keep 4 to 5 tranches running with staggered maturities (laddering).
Tezaur or Fidelis if either is fine? Tezaur for zero admin effort. Fidelis if you want maximum liquidity and already have a broker account.
Does a change of government affect my bonds? No. The bonds are obligations of the state, not of any one government. They continue through any internal political shift.
Related
• Government bonds, June 2026 edition with exact yields
• Compound interest explained with examples
• Compare bank deposits
• Financial calculators
Editor's note: "Government bonds are not magic. They are a simple instrument for the Romanian investor with a 1 to 5-year horizon and an aversion to complexity. The tax advantage is real and meaningful, but it does not redeem poor timing decisions. They work best as the base layer of a portfolio, alongside a liquid emergency fund and a growth allocation for horizons beyond 7 years."