In the context of less attractive yields amid persistent inflation, but also possibly due to the scarcer excess resources, Romanian households purchased much fewer state bonds in the latest Fidelis round – roughly half the amount purchased in the spring.

The RON 299 million (EUR 60 million) raised by the Treasury in this latest Fidelis round accounts for half the RON 614 million round in the spring and is even lower compared to the RON 482 million round carried out in the summer – when it competed with Hidroelectrica IPO, Profit.ro reported.

Falling yields weighed decisively in households’ diminishing appetite.

Compared to the other two rounds this year, the preference for short maturity has increased.

The bonds denominated in local currency pay 6.25% for 1-year maturity and 7.1% for 3-year maturity, while the bonds denominated in euros have coupons of 3.9% (1-year maturity) and 5.3% (5-year).

iulian@romania-insider.com

(Photo source: Iryna Drozd/Dreamstime.com)