Romania's Treasury cut the yields offered on local currency retail government bonds for the third consecutive month in its July Fidelis issuance, mirroring the broader decline in borrowing costs on international markets. The exception was the 10-year euro-denominated bond, whose coupon was raised to 6.2% from 5.8% in June. The Treasury has continued to lower coupons after increasing them in response to higher inflation expectations following the Middle East crisis.