In June 2026 there are three routes to buy government bonds: the monthly Tezaur tranche (subscription 16-27 June), the quarterly Fidelis tranche (launched 11 June, closes 25 June), and the BVB secondary market for older issues. Coupons range from 7.15% to 8.05% depending on maturity and programme.
June 2026 quick answer
Tezaur: 7.15% at 1 year, 7.40% at 3 years, 7.65% at 5 years. Fidelis lei: 7.80% at 5 years, 8.05% at 7 years. Fidelis EUR: 4.90% at 5 years. Tezaur subscription 16-27 June at Treasury and Post. Fidelis subscription 11-25 June via authorised broker.
Tezaur June 2026 tranche
Three maturities, all with annual coupons, 1 lei minimum, free early redemption. Fees: 0 lei at Treasury, 0 lei at Post up to 47,500 lei, 0.15% above.
Fidelis June 2026 tranche
Three options: 5-year lei 7.80%, 7-year lei 8.05%, 5-year EUR 4.90%. Minimum 1,000 lei or 1,000 EUR. Broker commission 0.30-0.40%.
Returns calculation on 47,500 lei invested
Tezaur 5-year: 18,169 lei total coupon, 65,669 lei recovered. Fidelis 5-year lei: 18,525 lei coupon, 66,025 lei recovered. Deposit 5-year equivalent: 12,825 lei net. Government bonds outperform deposit by 5,344 lei over 5 years.
Timing tips for June 2026
NBR June 15 report signals stability with possible 5-10 bps drop in July. Difference of 119 lei over 5 years on 47,500 lei invested doesn't change the decision.
Roman Dumitrescu, former BCR risk analyst: "A reader, Andrei from Brașov, asked me on 17 June how to allocate 142,300 lei for a 4-5 year home down payment. My recommendation: 47,500 in Tezaur 1-year for periodic liquidity, 47,500 in Tezaur 3-year for balance, 47,300 in Fidelis 5-year lei for max yield. Total 5-year estimated return: 25,580 lei net. Beats deposit by 13,730 lei."