Alin Brendea, Prime Transaction: We are talking about a phenomenon in which all parties earn: the state provides internal financing, often more stable than external, investors receive significant yields above the level of bank interest, while the scholarship confirms its main role of financing in the economy.
♦ The rapid increase in the number of exclusively Fidelis investors shows how, in just a few years, the Romanian state has managed to build a new category of small investors, attracted by the interest of bank deposits and the fiscal attractiveness.
About 62,000 Romanians are included in the statistics of the investor compensation fund (FCI) as having only Fidelis state securities in the portfolio, remunerated with 7-8% interest per year and up to 6% in non-taxable euros, which marks an increase of about 65% compared to the summer of 2024, shows the data analyzed by the financial newspaper. However, these statistics surprise only the portfolios of investors who have strictly faithful titles, which means that the real number of those who have such tools is higher. Many of the investors active on the share market, present including in the ZF show today, use Fidelis obligations as part of a diversification strategy, combining investments in state securities for balance and protection during volatility periods. «We are talking about a phenomenon in which all the parties earn: the state provides internal financing, often more stable than the external one, investors receive significant yields above the level of bank interest, while the scholarship confirms its main role of financing in the economy,» says Alin Brendea, an analyst of the Prime Transaction House. In the last year, the state's appetite to sell such financial instruments at the share of the local scholarship has ascended as the needs of public financing. Currently, there is a regular, monthly program of primary shows, he says. «Together with the large and unimported interest rates offered by the Romanian state, significantly above the average of bank interest (especially on euro loans), all this framework has made the number of those holding government securities. The FCI data come from the 31 affiliated participants – brokerage houses and banks – which gives them relevance to the market. According to official reports, «a number of 62,038 investors, respectively 23.61% of the total, hold only state securities issued by the Romanian state through the Ministry of Finance». Another key element that explains the dynamics is the acceleration of the state financing rate through this mechanism. From 2025, Fidelis shows are organized monthly, compared to a bi -monthly frequency in the previous year. Basically, investors have several opportunities to place money in these instruments, and statistics reflect precisely the ongoing shows. Currently, there are in progress of fidelis government securities with a cumulative value of about 40 billion lei, but this amount includes both exclusively fidelis investors who have other instruments in the portfolio – actions, corporate bonds or other investments metered by brokers. Therefore, the 62,000 exclusive investors cannot be automatically assimilated with the total value of the program. The attractiveness of Fidelis securities comes from several directions: yields higher than at bank deposits, favorable tax regime – the earnings are non -taxable for both trading and maturity – and the default guarantee offered by the Romanian state. In contrast, interest on bank deposits are subject to a 10%tax, which emphasizes the advantage of obligations for small savings. «After more than five years have passed since the launch of the Fidelis government securities program at BVB, the Romanian state has carried out 28 offers of primary sale of government securities on the stock market, issued both in lei and in foreign currency. The tendency is also confirmed by the recent results: in September 2025, the Ministry of Finance attracted about 2.1 billion lei through the last Fidelis show, an amount of 50% higher than August. The interest of investors has focused especially on short maturities, a sign that it prefers more flexibility in the administration of economies, in an economic context with many uncertainties. The rapid growth of the Community of Investors Exclusively Fidelis shows how, in just a few years, the Romanian state has managed to build a new category of retail savings, attracted by safety and efficiency.
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