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, the list of requirements is much shorter than in the case of shares and basically only covers the value of the bonds issuance. For the Main Market, the bonds have to be issued for at least EUR 200,000. However, lower values are also allowed but they require ASF’s special approval.

At the same time, there is no minimum value imposed on the bonds issued on the AeRO market. To read more about issuing shares on AeRO, click here.

How to get listed

There are two ways through which you can issue bonds on the Bucharest Stock Exchange’s Main Market:

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. It refers to the first sale of bonds to the public and listing of these bonds on a stock exchange. A prospectus approved by ASF is mandatory and will serve both the public offering and the admission to the Main Market.

Private Placement – is an offering of bonds to a limited number of investors, which may be used to distribute newly-issued bonds prior to the 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. No prospectus is needed for this operation. A listing prospectus will be required at a later stage, when the company submits the request of listing the bonds on the Main Market to the ASF.

Listing process

The most common steps of a listing process on the Regulated Market are the following:

Listing fees

The costs of issuing bonds on Bucharest Stock Exchange’s Main Market are not fixed and involve the following fees:

  • Broker fees, for the preparation of the prospectus
  • ASF fee, which equals percentage of the offering
  • ASF fee for registering securities
  • Central Depository fees
  • Bucharest Stock Exchange fees, which are specified below

An issuer of bonds is charged with two fees prior to the listing of its bonds, i.e. the processing fee and the listing fee, and one annual maintenance fee, payable starting after the first year of listing of the bonds. Municipalities will pay only the processing fee and the annual maintenance fee.

Selective data regarding the fees charged to bond issuers by, BVB only, is presented below. The admission, upgrade and maintenance fees are calculated based on the value of the issuance or the principal when the payment obligation comes due. Fees are presented in RON and are VAT exclusive.

 There may be other costs related to the listing, charged by third parties, such as FSA, intermediary, advisors or auditors.
See the full list of fees

Recent Offerings

Bucharest Municipality bonds 2032 (PMB32)

  • Private placement for municipal bonds carried out in April 2022.
  • The municipality attracted RON 555mn. The bonds have a fixed interest rate of 7.33% p.a., payable annually (10yrs maturity). This is the sixth bond issue of the Bucharest City Hall listed on BVB starting with 2015.
  • The placement and listing of the bonds were carried out by BRD- Groupe Société Générale  and Raiffeisen Bank Romania.

Banca Comerciala Romana (BCR27)

  • Private placement carried out in March 2022.
  • The bank attracted RON 351.5mn. The bonds have a fixed interest of 6.76% p.a., payable on a annually basis (5yrs maturity). It is the first financing through bonds listed this year by BCR on the Stock Exchange, and the total value of the BCR bonds available for trading is RON 3bn.
  • The placement and listing of the bonds were carried out by BCR.

Fidelis government bonds for retail investors

  • The first primary offer for the sale of government bonds for the population (FIDELIS) in 2022 (March 17 – April 1)
  • Attracted a total of RON 1.1bn and EUR 171.4mn:

R2304A – RON 921.9mn. at a fixed interest of 4.74% p.a., payable on a yearly basis (1yr maturity);

R2504A – RON 198.2mn.at a fixed interest of 5.5% p.a., payable on a yearly basis (3yrs maturity);

R2304AE – EUR 110.5mn. at a fixed interest of 1.2% p.a., payable on a yearly basis (1yr maturity);

R2404AE – EUR 60.9mn. at a fixed interest of 1.6% p.a., payable on a yearly basis (2yrs maturity);