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| January 17, 2022 |
Market Status: Open
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Contact us

Remus Danila

Head of IR and Business Development

Stefan Musgociu

Business Development and Marketing Specialist

Ana-Maria Neatu

Public Relations Specialist

Email: antreprenori@bvb.ro

Phone: (+40) (21) 307 95 00

Issuing bonds

Listing requirements
How to get listed
Listing process
Listing fees
Recent Offerings

Listing requirements

When it comes to issuing bonds on AeRO, the only requirement imposed on a company is to be a joint-stock company (SA). There is no minimum requested value of the offering imposed.

How to get listed

Public Offering – the most common way to attract a broad investor’s base is through a public offering, dedicated to all investors, both retail and institutional. Public offering refers to the first sale of bonds to the public and listing of these bonds on a stock exchange, upon meeting the above criteria. Only a memorandum* is required for the public offering of bonds on AeRO.

Private Placement – is an offering of bonds to a limited number of investors, which may be used to distribute newly-issued bonds prior to listing. A set of conditions must be met in order to perform a private placement, one of which is the maximum number of investors targeted by the offering, 149 or less. Only a memorandum* is required for the private placement of bonds on AeRO.

* Memorandum is a short presentation document that includes information regarding the destination of funds obtained, the selection procedure of potential buyers, the number of shares issued and the price obtained, the method of allocation and any other relevant information. After admission to trading, the Memorandum is published on the website of the Bucharest Stock Exchange, in the section dedicated to the issuer.

Memorandum is a far shorter and more concise document than the Prospectus, which is required for any type of listing on the Bucharest Stock Exchange’s Main Market.

Listing process

The steps of becoming listed on AeRO can be following:

Listing fees

The costs of issuing bonds on AeRO are not fixed and involve the following fees:

  • Authorized Advisor fees for the preparation of prospectus or memorandum
  • ASF fee for registering of securities
  • Central Depository fees
  • Bucharest Stock Exchange fees, which are specified below

Recent Listings

TEILOR Holding (TEI26 and TEI26E)

  • Private placement carried out in November 2021.
  • The issuer attracted RON 45.1mn:
  • TEI26: RON 14mn, at a fixed rate of 8.25% p.a., payable on a semiannually basis (5yrs maturity).

    TEI26E: EUR 6.2mn, at a fixed rate of 5.75% p.a., payable on a semiannually basis (5yrs maturity).

  • The placement and listing of the bonds were assisted by BT Capital Partners.

Ocean Credit IFN (OCIFN26E)

  • Private placement carried out in July 2021.
  • The issuer attracted RON 1.8mn. The bonds have a fixed interest of 8.75% p.a., payable on a quarterly basis (5yrs maturity).
  • The placement and listing of the bonds were assisted by Goldring.

Chronostyle International (CELL25)

  • Private placement carried out in May 2020.
  • The issuer attracted EUR 1.6mn. The bonds have a fixed interest of 7% p.a., payable on a quarterly basis (5yrs maturity).
  • The placement and listing of the bonds were assisted by BRK Financial Group.