Friday | August 12, 2022 |
Market Status: CLOSED

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

See the full list of fees

Recent Listings

OMRO IFN (OMRO26)

  • Private placement carried out between December 8, 2021, and January 27, 2022.
  • The issuer attracted RON 10mn. The bonds have a fixed interest of 9.5% p.a., payable on a semestrial basis (5yrs maturity).
  • The placement and listing of the bonds were assisted by Goldring.

INOX (INOX24E)

  • Private placement carried out in September 2021.
  • The issuer attracted EUR 1mn. The bonds have a fixed interest of 8% p.a., payable on a quarterly basis (3yrs maturity).
  • The placement and listing of the bonds were assisted by BRK Financial Group.

Life is Hard (LIH25)

  • Private placement carried out in two phases, October 25 – November 23 and December 6 – 17, 2021.
  • The issuer attracted RON 4.5mn. The bonds have a fixed interest of 8% p.a., payable on a quarterly basis (4yrs maturity).
  • The placement and listing of the bonds were assisted by  BRK Financial Group.