During the offering period, investors placed a total of 12,724 subscription orders, with a total investment value of RON464 million and EUR201.50 million.
“The total amount invested by Romanians in the 11 Fidelis editions in 2025 exceeds RON21.1 billion and what particularly delights us in this edition is the record appetite for the 10-year euro maturity. The solidarity of donor-investors remained exemplary in 2025 as they invested over RON1.77 billion through 31,501 orders, saving lives and investing in their future,” said Finance Minister Alexandru Nazare.
The special tranche dedicated to blood donors, with a 2-year maturity and an interest rate of 7.55%, attracted RON70.1 million through 1,791 subscription orders, with investors benefiting from a reduced minimum subscription threshold of RON500.
Regarding the standard issues in lei, investors had three maturities available. For the 2-year maturity (interest 6.55%), subscriptions totaled RON167.66 million through 2,040 orders. The 4-year maturity (interest 7.10%) reached RON37.99 million via 588 orders, while the 6-year maturity (interest 7.50%) attracted RON188.91 million through 1,279 orders.
For the euro-denominated instruments, the offering included maturities of 3, 5, and 10 years and the results confirm a clear trend among Romanians toward long-term investments. The 3-year maturity (interest 3.75%) recorded subscriptions of EUR52.27 million (approximately RON266 million) through 1,751 orders, while the 5-year maturity (interest 4.75%) totaled EUR33.93 million (approximately RON172 million) through 1,143 orders.
The star of this edition, however, was the 10-year maturity (interest 6.20%), which recorded the highest number of subscriptions among all tranches. It attracted EUR115.33 million (approximately RON587 million) through 4,132 orders. The fact that the longest maturity was also the most subscribed demonstrates investors’ strong confidence in the Romanian state and their preference for safe and predictable long-term placements.
The FIDELIS program achieved its best performance in history in 2025. Combining the results of all 11 editions, including December’s, total subscriptions exceeded RON 21.1 billion in 2025, the highest amount raised in a single year since the program’s launch.
Since the launch of the FIDELIS Program, total investments attracted have amounted to RON62.12 billion, with donor-investors contributing over RON3.91 billion—funds that have supported both the state’s financing needs and the healthcare system through blood donations.