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Tuesday, September 26, 2017 
Market Status: CLOSE
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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 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
Type of fee Description Amount (RON, VAT excluded) Comments

Processing fee

Fee for processing the documentation for admission to trading or upgrade


- Charged when documents are submitted

- Not refundable

Admission fee

One-time fee, for the admission to trading on AeRO


- Charged after obtaining approval for listing

- It becomes a condition for beginning of trading

Maintenance fee

Annual fee, paid for maintaining the financial instruments on AeRO


- Paid within 15 days following admission and annually until January 31st, for the respective year

- It is a condition for maintenance of trading of financial instruments

Recent Listings

Bittnet Systems bonds on AeRO

  • Private placement of bonds carried out in September 2016
  • Company managed to attract RON 4.18 mn. The bonds have a 3 year maturity and a fixed interest rate of 9% p.a., payable quarterly
  • The company’s Authorized Advisor was BRK Financial Group

Good People (fru fru) bonds on AeRO

  • Private placement of bonds carried out in June 2016
  • Company managed to attract RON 4.55 mn by issuing 45,592 bonds. The bonds have a 5 year maturity and a fixed interest of 9% p.a., payable quarterly
  • The company’s Authorized Advisor was BRK Financial Group