Romanians Can Invest in New Tezaur Bonds Starting Monday

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Romanians can borrow from the State in October through Tezaur and Fidelis. If at Tezaur the subscription period ends on November 1, at Fidelis Friday (October 11) is the last day. Tezaur securities are for 1, 3 or 5 years and have interest rates of 5.85%, 6.6% and 7% respectively.

Treasury bonds can be bought: Online, during the period October 7, 2024 – October 31, 2024, only by individuals who are registered in the SPV for securities issued through the State Treasury units.

The operations that can be carried out online are: opening a subscription account in the name of the investor at a selected State Treasury unit, subscription to TEZAUR state securities, transfer of amounts from the investor’s subscription account to a bank account, another subscription account, or a JUNIOR account;

At the headquarters of the State Treasury units, throughout the subscription period, between October 7, 2024 – November 1, 2024;

Through the postal subunits of C.N. Posta Română S.A., as follows:

– Between October 7, 2024 – October 31, 2024, in the urban environment;

– Between October 7, 2024 – October 30, 2024, in the countryside.

According to the MF, the interest is annual, payable at the terms provided in the issue prospectus. They are also transferable and can be redeemed in advance. An investor has the freedom to make one or more subscriptions within an issue. Investors have the possibility of canceling subscriptions already made only during the subscription period, by submitting a request.

Individuals who have reached the age of 18 on the date of subscription are eligible. The funds obtained by the Ministry of Finance as the issuer, as a result of the issuance of government bonds, will be used to finance the budget deficit and refinance the public debt.
Resident and non-resident natural persons over the age of 18 can subscribe to FIDELIS state securities denominated in lei and euros, through partner banks BT Capital Partners&Banca Transilvania, Banca Comercială Română, B.R.D. – Groupe Société Générale and Alpha Bank, securities that are listed on the Bucharest Stock Exchange.
What are the differences between Fidelis and Tezaur?
At Fidelis, the minimum amount to invest is 5,000 lei and 1,000 euros (for issues in European currency. There is also one dedicated to blood donors where the minimum is 500 lei. In contrast, there is no minimum amount at Tezaur.
Those who turn to Fidelis think that at some point they will want to sell (if they need the money), getting the money quickly without losing the interest earned. Obviously, depending on the market price I may have a small loss or maybe a gain (no one knows the future).
On the other hand, at Tezaur you can redeem, but you lose the interest if you invested for 3 years, for example, and after one year you decided to withdraw your money because you need it for a certain emergency.
Another difference is given by the method of acquisition. If at Fidelis you can buy through Alpha Bank, BT Capital partners, BCR, BRD or through the account opened with a broker, at Tezaur you can do this through the Romanian Treasury, the Romanian Post or through the SPV.
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