Fidelis EUR 6% 2036 (R3603AE) Bond — Price, Coupon & Yield

What R3603AE is

Fidelis EUR 6% 2036 (R3603AE) is a Romanian government bond issued by the Ministerul Finantelor and listed on the Bucharest Stock Exchange (BVB). It belongs to the Fidelis retail series and is denominated in EUR. The bond pays a fixed 6% coupon and matures on Mar 18, 2036, with 9.5 years remaining to maturity. It is part of the broader Fidelis family of retail bonds, which also includes instruments such as Fidelis EUR 5.25% 2030 (R3008AE) and Fidelis EUR 5.8% 2028 (R2804AE).

Key numbers explained

• Price: 97.05% — the bond trades at a discount to its face value, meaning you pay less than the nominal amount per unit.
• Coupon: 6% — the annual interest rate paid by the issuer, expressed as a percentage of the nominal value.
• Estimated yield to maturity: 6.41% — the yield to maturity is the total return you would earn if you bought the bond today at 97.05%, held it to maturity, and reinvested all coupons at the same rate.
• Years to maturity: 9.5 — the time remaining until the issuer repays the nominal value on 18 mar. 2036.
• Price change today: -0.45% — the bond's price has moved down by 0.45% relative to the previous close.
• Bond currency: EUR — all cash flows (coupons and principal) are paid in euros.

What to watch

• Interest rate movements: when market rates rise, existing bond prices typically fall, and vice versa.
• Credit developments: changes in Romania's fiscal position or sovereign credit outlook can affect the bond's price and yield.
• Currency exposure: because the bond is denominated in EUR, exchange-rate fluctuations may affect investors who hold it in a different currency.
• Yield comparisons: investors often compare the 6.41% estimated yield to similar instruments, such as Fidelis EUR 4.75% 2030 (R3012AE) or Fidelis EUR 1.6% 2026 (R2610AE), to assess relative value.
• Liquidity and trading volume on the Bucharest Stock Exchange (BVB), which can affect execution costs.