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Financing local authorities through municipal bonds


Financing local authorities through municipal bonds.


The main advantages of financing local authorities through the capital market are: access to capital to finance local projects, flexibility in setting terms and conditions, and terms and conditions of repayment to be set out in the prospectus, increased visibility and increased investor confidence.


Market leaders, with funding of over €600 million, and members of the for the City of Bucharest's municipal bond offering.

Decision of the local or county public authority on the issue of bonds
Contracting the ASF authorised intermediary who will handle the necessary procedures for the capital market
Determination of the characteristics of the issue (total amount of the loan, nominal value and number of interest rate, maturity and frequency of payments, maturity period of the bond the offer as well as the terms of the guarantee)
Drafting of the offer prospectus by the intermediary, based on information provided by issuer and which will be approved by the ASF
Informing and obtaining the opinion of the Ministry of Public Finance
Conduct of the public offer for sale of bonds on the basis of the offer prospectus
Confirmation by the ASF of the closing of the offer, following which the bonds will be registered with the ASF
Conclusion of the contract with the Central Depository
Submission to the BVB of the necessary documentation for the admission to trading of the bonds municipal bonds
Admission to trading in systems administered by the BVB

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