Fidelis RON 5.9% 2028 (R2803C) Bond — Price, Coupon & Yield

What R2803C is

Fidelis RON 5.9% 2028 (R2803C) is a Romanian government bond issued by the Ministerul Finantelor and listed on the Bucharest Stock Exchange (BVB). It belongs to the Fidelis retail bond series and is denominated in RON. As a fixed-income instrument, it pays a set coupon and returns the principal at maturity, making it a core holding for investors seeking predictable income in Romanian lei. In the broader Fidelis lineup, it sits alongside peers such as Fidelis RON 7.55% 2036 (R3607A), Fidelis RON 7.3% 2028 (R2809B), and Fidelis RON 7.65% 2029 (R2908C), which offer different coupons and maturities for varying risk-return preferences.

Key numbers explained

• Price: 98% — The bond trades at 98% of its face value, meaning you pay 98 RON for every 100 RON nominal. A price below 100% is called a discount, which typically pushes the yield to maturity above the coupon rate.
• Coupon: 5.9% — The annual interest paid as a percentage of the nominal value. For a 100 RON nominal, this means 5.9 RON per year, usually split into semi-annual payments.
• Estimated yield to maturity: 7.32% — This yield to maturity reflects the total return if you buy at the current 98% price and hold until maturity, assuming all coupons are reinvested at the same rate. It is higher than the 5.9% coupon because of the discount.
• Maturity: Mar 18, 2028 — The date when the issuer repays the nominal value. With 1.5 years remaining, the bond is short-dated, so its price is more sensitive to interest-rate changes than a longer-dated bond.
• Price change today: -0.05% — The intraday move shows a slight decline, which is normal for a liquid government bond in a fluctuating market.
• Sector: Government (Fidelis) — As a government-issued bond, it carries the credit of the Romanian state, which is generally considered lower risk than corporate bonds.

What to watch

• Interest rate movements in Romania: when rates rise, existing bond prices tend to fall, and vice versa.
• Inflation expectations, which can erode the real return of a fixed coupon.
• Fiscal policy and sovereign credit sentiment, which affect the perceived safety of government paper.
• Liquidity and trading volume on the BVB, which can widen bid–ask spreads during volatile periods.
• The remaining time to maturity, which shortens the bond’s interest-rate sensitivity as it approaches Mar 18, 2028.
• The broader Fidelis retail bond ecosystem, including Fidelis EUR 6.25% 2032 (R3205AE) and Fidelis EUR 5% 2029 (R2907ae), which provide currency-diversified alternatives.