After it reacted to investors’ risk aversion with higher yields offered under the retail bond issues in April, amid the Middle East war, Romania’s Treasury cut again the coupons attached to the bonds on sale in May. The coupons for the bonds sold under the Fidelis scheme, thus listed at the Bucharest Exchange, dropped by 10-20 basis points in May compared to April, and are below the yield-to-maturity for comparable securities on the secondary market. [...]