Public/Government Financing


Financing for local authorities through municipal bonds


The main advantages of financing local authorities through the capital market are: providing access to necessary capital for financing local projects, providing flexibility in establishing repayment deadlines and terms to be agreed in the prospectus, increasing visibility and increasing investor trust.


With financing exceeding 600 million euro, BT Capital Partners is the market leader and also member of the underwriting union for the offer of municipal bonds of Bucharest Municipality Mayor’s Office.



The minimum requirements for financing local authorities through municipal bonds are: minimum value of € 200,000 (RON equivalent) and obtaining approval from the Minister of Public Finance


The stages to be covered by local authorities in order to obtain financing through the capital market are as follows:

  • Resolution of the local or county public authority on the issuance of bonds
  • Contracting an intermediary certified by the Financial Supervisory Authority to carry out all necessary proceedings on the capital market
  • Establishing the issuance characteristics (total amount of the bond loan, nominal value and number of bonds, interest rate, duration and frequency of payments, offer period, as well as the method of guarantee)
  • The Intermediary shall prepare the prospectus based on the information supplied by the Issuer, and shall submit it to the Financial Supervisory Authority, for approval
  • Informing and obtaining the approval from the Ministry of Public Finance
  • Conducting the public offer for bond sale based on the statement of offer
  • Confirmation of offer closure, issued by the Financial Supervisory Authority, followed by registration of bonds at the Financial Supervisory Authority
  • Signing the agreement with the Central Repository
  • Submitting the necessary documentation for admission to trade municipal bonds at Bucharest Stock Exchange
  • Admission for trading within the systems managed by the Bucharest Stock Exchange


Fees charged by the institutions of the capital market and by the intermediary