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| October 22, 2021 |
Market Status: Closed
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Contact us

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

 Restart Energy One (REO26)

  • Private placement carried out in February 2021.
  • The issuer attracted RON 16.4mn. The bonds have a fixed interest of 9% p.a., payable on a semiannually basis (5yrs maturity).
  • The placement and listing of the bonds were assisted by Goldring.

 Alive Capital (ALV23)

  • Private placement carried out in December 2020.
  • The issuer attracted RON 10mn. The bonds have a fixed interest of 8% p.a., payable on a semiannually basis (3yrs maturity).
  • The placement and listing of the bonds were assisted by Intercapital Invest.

Qualis Properties (QUAL24E)

  • Private placement carried out in January 2021.
  • The issuer attracted EUR 2.1mn. The bonds have a fixed interest of 9% p.a., payable on a quarterly basis (3yrs maturity).
  • The placement and listing of the bonds were assisted by BRK Financial Group.

iHunt (HUNT25)

  • Private placement carried out in January 2021.
  • The issuer attracted RON 7mn. The bonds have a fixed interest of 8.75% p.a., payable on a semiannually basis (4yrs maturity).
  • The placement and listing of the bonds were assisted by TradeVille.

Utilitech Services (UTS23)

  • Private placement carried out in March 2020.
  • The issuer attracted RON 4.8mn. The bonds have a fixed interest of 8.5% p.a., payable on a annualy basis (3yrs maturity).
  • The placement and listing of the bonds were assisted by Intercapital Invest.