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State bond issues push the total value of transactions on the Bucharest Stock Exchange to an all-time high

 


The Bucharest Stock Exchange (BVB) announced a record trading value in 2020, when the total transactions made through its platform reached 18.3 billion RON (3.77 billion euros). The previous record was set in 2007 when the total value of transactions was 14.68 billion (close to 4.4 billion euros at the exchange rate of that year).

“In 2020, on BVB, three companies were floated on the stock exchange, there were six issues of government securities and 11 issues of corporate bonds, which brought the total funding carried out through the capital market to 5.4 billion RON or 1.1 billion euros. Our goal is to increase liquidity, and we have done this successfully because last year we had the best trading year in BVB history. Therefore, it is no longer necessary to consider 2007 as a milestone because we have already passed that level. We cannot drive the stock market if we are constantly looking in the rearview mirror. We are focusing on what we need to do to develop our capital market, ”said Radu Hanga, president of the Bucharest Stock Exchange.

The main driver of the increase in the total value of transactions on the Bucharest Stock Exchange in 2020 was the sales of government bonds through the Fidelis program, which totaled more than RON 4.7 billion (975 million euros). The government raised 2.52 billion RON (518 million euros) with local currency bonds and 457 million euros with bonds denominated in euros.

However, stock transactions also increased significantly in 2020, reaching RON 12.2 billion (€ 2.53 billion), the highest level since 2014. Equity turnover was also 26% higher than in 2019, as increased market volatility generated new opportunities for investors.

The BET index, which tracks the shares of the 17 most traded companies on the Bucharest Stock Exchange, closed the year down 1.72% compared to the end of 2019. Nevertheless, the BET-TR index, which includes also dividends paid by BET companies, is up 3.39% year on year. In December alone, BET gained 5.6%.

The total market capitalization of companies listed on the Bucharest Stock Exchange reached 154 billion RON (31.7 billion euros) at the end of 2020, of which the capitalization of domestic companies was 101.7 billion RON (20.8 billion Billions of Euro’s).

“We look forward to 2021 when we expect the stock exchange to continue to consolidate its position as the main channel of funding for Romanian companies and the main source of capital accumulation for investors. We want to bring BVB closer to retail customers and explore all the channels that help us achieve this goal. The year 2021 has had a positive start in most financial markets, and the public health protection measures adopted by various states as well as the launch and distribution of vaccines indicate that the current health crisis can be overcome. We continue to live in an environment marked by low interest rates and excess liquidity, which will support stock prices ”, also declared the chairman of the BVB.

“The number one priority for 2021 is to increase the number of investors and increase voluntary participation in the capital market. It is essential to have a partnership with the authorities for the development of the capital market. We want to see so many state-owned companies listed on the stock market because the listing of minority stakes makes the activity of these companies more efficient thanks to the rules imposed by the capital market ”, added BVB CEO Adrian Tanase.“ It is very important that the government uses the capital market intensively. We saw it in 2020 through government bond issues. We also want to see decisions regarding new company registrations, as it is in Romania’s interest to have transparent and efficient companies. optimistic for 2021. We want to have coherent decisions regarding the economic development of Romania. Once the risks generated by the pandemic are diluted, there will be all the conditions to have a better year than 2020. Also, for 2021, we expect the representativeness of Romania in the Emerging market indices will increase as others Romanian companies could be integrated into their structure. “

The Romanian capital market has been included, from September 2020, in emerging markets according to the classification carried out by the global index provider FTSE Russell. Romania’s promotion to emerging market status was made possible after two Romanian companies – Banca Transilvania (TLV) and Nuclearelectrica (SNN) – met the criteria required for modernization.

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