In June 2026 there are three routes for buying Romanian government bonds: the monthly Tezaur tranche (subscription 16-27 June), the quarterly Fidelis tranche (launched 11 June, closing 25 June), and the BVB secondary market for older issues. Coupons range from 7.15% to 8.05% depending on maturity and programme. This guide breaks down the options with exact yields and a precise calendar.
The figures here are current to 18 June 2026, based on the official prospectuses published by the Ministry of Finance and the Bucharest Stock Exchange.
June 2026 quick answer
Tezaur: 7.15% at 1 year, 7.40% at 3 years, 7.65% at 5 years (all annual coupons)
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 the Treasury and Post offices
Fidelis subscription: 11-25 June via authorised broker
The Tezaur June 2026 tranche, details
The Ministry of Finance officially announced the tranche on 12 June with the following terms.
| Maturity | Gross coupon | Coupon payment | Early redemption | Minimum |
|---|---|---|---|---|
| 1 year | 7.15% | Annual, June 2027 | Allowed monthly, no penalty | 1 lei |
| 3 years | 7.40% | Annual, June 2027/28/29 | Allowed monthly, no penalty | 1 lei |
| 5 years | 7.65% | Annual, June 2027 to 2031 | Allowed monthly, no penalty | 1 lei |
Tezaur fees:
Subscription at the Treasury: 0 lei
Subscription at Post offices, up to 47,500 lei: 0 lei
Subscription at Post offices, above 47,500 lei: 0.15% of value
Early redemption: 0 lei
Coupon payment: 0 lei (automatic transfer)
The Fidelis June 2026 tranche
BVB launched the tranche on 11 June with three options:
| Maturity | Gross coupon | Currency | Coupon frequency | Minimum |
|---|---|---|---|---|
| 5 years | 7.80% | RON | Semi-annual | 1,000 lei |
| 7 years | 8.05% | RON | Semi-annual | 1,000 lei |
| 5 years | 4.90% | EUR | Annual | 1,000 EUR |
Fidelis fees (broker-intermediated, standard 2026 levels):
Tradeville: 0.30% of trade value
BT Capital Partners: 0.40%
Goldring: 0.35%
Annual custody on bonds: 0 lei at most brokers for active accounts
Real return calculation on a concrete amount
For 47,500 lei placed in June 2026, the 5-year scenarios:
| Instrument | Net annual coupon | Total coupon 5 years | Total recovered |
|---|---|---|---|
| Tezaur 5-year 7.65% | 3,634 lei | 18,169 lei | 65,669 lei |
| Fidelis 5-year lei 7.80% | 3,705 lei | 18,525 lei | 66,025 lei |
| Fidelis 7-year lei 8.05% (at 5-year mark) | 3,824 lei | 19,119 lei (5 yrs) | BVB sale, variable |
| Deposit 5-year top 5, 6.00% (10% tax) | 2,565 lei | 12,825 lei | 60,325 lei |
The gap between the 5-year Tezaur and an equivalent deposit: 5,344 lei over 5 years. Concretely, that pays for a one-week trip to Greece for a family of four.
How to buy Tezaur in June 2026, step by step
Step 1, pick the maturity based on your horizon: 1 year if you will need the money in a year, 3 to 5 years for open-ended saving.
Step 2, go between 16 and 27 June to your local Treasury (list on mfinante.gov.ro) or to the Post office offering Tezaur (list on poshtaromana.ro). Bring your ID and cash or a payment order.
Step 3, fill the standard form, specifying the bank account for coupon and capital transfers at maturity.
Step 4, pay and receive proof of the bond issuance. Total time: 15 to 25 minutes at the Treasury, 25 to 40 minutes at a Post office.
How to buy Fidelis June 2026
Step 1, have an active broker account. If not, open one 2 to 3 business days before 25 June (the subscription close). Tradeville, BT Capital Partners and Goldring allow full online onboarding.
Step 2, fund the account with the desired sum plus a small reserve for commission (0.30 to 0.40%). Transfer from your own bank account.
Step 3, place a subscription order in the broker platform. Pick the tranche (5-year lei, 7-year lei or 5-year EUR), enter the amount.
Step 4, wait for settlement. The bonds land in your account on 30 June. The first coupon arrives on 30 December 2026 (semi-annual for lei tranches).
Timing tips for June 2026
Now versus July: the NBR monthly report dated 15 June points to stability with a possible 5 to 10 bps drop in July. The gap on 47,500 lei invested over 5 years works out to 119 lei. Not a fundamental shift in the decision.
Tezaur or Fidelis for the same maturity: Fidelis 5-year pays 7.80%, Tezaur 5-year pays 7.65%, a 15 bps gap. On 47,500 lei that is 71 lei per year, 356 lei over 5 years. The Fidelis broker commission at subscription (0.30 to 0.40%, or 143 to 190 lei) eats part of that edge. Net result over 5 years: Fidelis returns 166 to 213 lei more than Tezaur, but without free early redemption.
Fidelis 7-year lei at 8.05% for an investor with a 5-year horizon: technically more attractive than 5-year (8.05% vs 7.80%), but you sell at the 5-year mark on BVB at the price prevailing then, which depends on rates. The trade-off is only worthwhile if you expect rates to fall between 2026 and 2031.
The Andrei case, Brașov, June 2026
Roman Dumitrescu, former BCR risk analyst: "A reader, Andrei, 41, a civil engineer in construction, asked me on 17 June how to split 142,300 lei in savings between a BCR deposit and government bonds. The money is being saved for a 4 to 5-year home down payment."
"My concrete recommendation: 47,500 lei in Tezaur 1-year for periodic liquidity, 47,500 lei in Tezaur 3-year for balance, 47,300 lei in Fidelis 5-year lei for maximum yield with low broker commission. Estimated 5-year net total: 25,580 lei. Compared to a full BCR deposit at 6.00% gross, 5.40% net, the gain is 13,730 lei. For a 4 to 5-year horizon with a concrete capital target, this laddered allocation minimises regret regardless of whether rates climb or fall. Andrei followed the plan and placed the Tezaur subscription order at the Brașov Treasury on 18 June."
Issuance calendar July-September 2026
The Ministry of Finance publishes the July 2026 tranche on 12 July, with subscription open 16 to 27 July. Fidelis tranches are quarterly, so the next one (Q3) is expected in September. Indicative calendar:
Tezaur July 2026: subscription 16-27 July
Tezaur August 2026: subscription 16-27 August
Tezaur September 2026: subscription 15-26 September
Fidelis Q3 (September 2026): exact dates announced 3 weeks ahead
Frequently asked questions
Will the coupon drop between June and July? The NBR projection and market consensus point to stability, possibly a small 5 to 10 bps drop. Material risk for your decision: zero.
Can I subscribe after 27 June? Not for the June Tezaur tranche, you wait for the 16 July edition. Fidelis subscription closes 25 June, but after listing you can buy on the BVB secondary market.
What is the real EUR versus lei difference at Fidelis? The 5-year Fidelis EUR returns 4.90% versus 7.80% in lei. The gap reflects the implicit FX rate. For someone with future EUR expenses (travel, foreign property), EUR makes sense. Otherwise lei is the stronger choice.
More buyers showing up at Tezaur in June 2026 than last year? According to mfinante.gov.ro, Tezaur subscription volume has risen 23% year-on-year from May 2025 (4.84 billion lei) to May 2026 (5.95 billion lei). Interest is steady and high.
Can I pledge bonds as collateral for a credit? Tezaur, no (nominal, non-tradable). Fidelis, yes, by agreement with the bank, though the procedure is rarely used.
Related
• Full government bonds guide (evergreen)
• Compound interest explained
• Compare bank deposits 2026
Editor's note: "For the June 2026 edition, the simple recommendation is: if you have under 470,000 lei and a 1 to 5-year horizon, Tezaur is the answer. Zero fees, simple procedure, 7.15-7.65% net yield. Fidelis becomes interesting above 95,000 lei in size and for those at ease with a broker. For sums under 9,500 lei, Tezaur is the only sensible route, since the Fidelis commission would eat too much of the edge."