Listing guides

Listing on BVB - Brochure

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Remus Danila

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Stefan Musgociu

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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:

The company stakeholders decide to issue corporate bonds during the General Shareholder’s Meeting and agree on the main features of the bonds The company selects the intermediary authorized by the ASF and enters into a contract with them Together with the intermediary, the company determines the key characteristics of the bonds The company together with the intermediary prepares a prospectus, which has to be authorized by the ASF The company together with the intermediary conducts the public offering or the private placement process ASF registers the securities Company registers the bonds with the Central Depository Intermediary submits a set of documents to Bucharest Stock Exchange for the BVB’s Board of Governors to approve the company’s bonds admission to trading Bonds are tradable on the Bucharest Stock Exchange

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.

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	1,298	1,623 – 3,733	1,623 – 3,733
International bonds		1,947 – 4,057	1,947 – 4,057
Municipal bonds		0.001% of the total nominal value	0.05% of the total nominal value, but not more than RON 54,095

See the full list of fees

Recent Offerings

Bittnet corporate bonds (BNET26E)

A new Bittnet Systems bonds issue listed on Bucharest Stock Exchange
Private placement carried out in December 2022.
The issuer attracted over EUR 2mn. The bonds have a fixed interest of 9% p.a., payable on a quarterly basis (3.5yrs maturity).
The placement and listing of the bonds were assisted by BRK Financial Group.

Raiffeisen Bank – sustainable bonds

Raiffeisen Bank’s third issue of sustainable bonds listed on the Bucharest Stock Exchange.
The seventh issue of bonds issued by Raiffeisen Bank and listed on BVB. The seven issues tradeable have a cumulative value of RON 3.7bn.
Private placement carried out in December 2022.
The bank attracted RON 369mn. The bonds have a fixed interest of 8.817% p.a., payable on a annually basis (5yrs maturity).

CEC Bank corporate bonds

The state owned bank listed in 2023 three bonds issues with a total value of more than RON 1.2bn
- CECRO25
  ▪ RON 175.3mn, at a fixed interest rate of 9% p.a., payable annually (3yrs maturity);
- CECRO25E
  ▪ EUR 97.3mn, at a fixed interest rate of 7.5% p.a., payable annually (3yrs maturity)
- CECRO28E
  ▪ EUR 119.3mn, at a fixed interest rate of 7.5% p.a., payable annually for the first 4 years. Starting with May 2027, the interest will be EURIBOR3M +4.485%, payable quarterly.
The operations were assisted by Raiffeisen Bank.