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Friday, July 28, 2017 
Market Status: OPEN
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Zuzanna Kurek

Deputy Director Business Development and Marketing

Stefan Musgociu

Business Development and Marketing 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.

Fee Description Payment
1. Processing Fee Fee for processing the documentation for admission to trading or upgrade Paid before the day when the documentation for admission to trading/upgrade is submitted to BVB
2. Listing Fee One-time fee, for the admission to trading on the Regulated Market Paid within 10 working days after being notified on BVB’s decision regarding the admission to trading
3. Maintenance Fee Annual fee, paid for maintaining the financial instruments on the Regulated Market Paid within 10 working days after the previous 12 months of trading the financial instruments have ended
4. Upgrade Fee Fee for upgrade of the financial instrument from one tier to another Paid within 10 working days after being notified on the decision regarding the upgrade

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.

Note: There may be other costs related to the listing, charged by third parties, such as FSA, intermediary, advisors or auditors.
Processing Fee Admission Fee Maintenance Fee
Corporate bonds 1,200 1,500 – 3,450 1,500 – 3,450
International bonds 1,800 – 3,750 1,800 – 3,750
Municipal bonds 0,001% of the total nominal value 0,05% of the total nominal value, but not more than RON 50,000
See the full list of fees

Recent Offerings

Ministry of Public Finance bonds on the Main Market

  • The public offering was carried out in July 2016
  • Attracted RON 735mn from individual investors through 2 years maturity bonds at a fixed rate of 2.15% p.a., payable on an annual basis
  • The offering was carried out by consortium consisting of: Banca Transilvania, BCR, BRD and Raiffeisen Bank

International Investment Bank bonds on the Main Market

  • Two private placements, carried out in September 2015 and in September 2016
  • Attracted a total of RON 411mn - RON 111mn in 2015 at a fixed interest of 4.1% p.a., payable on an annual basis and RON 300mn in 2016 at a fixed interest of 3.4% p.a., payable on an annual basis
  • The offering was carried out by BT Capital Partners