Who brings liquidity to the Bucharest Stock Exchange

BT Capital Partners intermed-iated 34.7% of the value of bond transactions on the Bucharest Stock Exchange (BVB) in the first eight months of 2026, ahead of BCR, with 20.2%, and Tradeville, with 17.7%, according to the BVB ranking. Of the 19.4 billion lei (3.7 billion euros) intermediated by the company in 2026 at the BVB, 9.5 billion lei (1.8 billion euros) came from bonds and 10 billion lei (1.9 billion euros) from shares and fund units. In August 2026 alone, BT Capital Partners accounted for 38.6% of bond transactions. BT Capital Partners was the lead manager of the syndicate that intermediated this year’s ninth Fidelis government bond offer carried out in September. Through this round, the Ministry of Finance raised 847 million lei (162 million euros) and investors placed 11,492 subscription orders. Since August 2020, through 40 Fidelis offers, the Romanian state has raised 72.4 billion lei (14.5 billion euros) from the general population, of which over 10.4 billion lei (almost 2 billion euros) in 2026, according to the BVB. In 2025, BT Capital Partners was co-manager for the bond issuances worth 500 million euros each launched by Romgaz, Electrica, and Banca Transilvania. According to company data, over the last ten years, it has participated in issuances on external markets through which Romanian issuers raised over 7 billion euros.

Daniela Secară, CEO of BT Capital Partners, told the ZF Capital Market conference that it is hard to find investors for the bonds of an unlisted company. Pension funds, for instance, can only invest in companies that are publicly listed, hold an investment-grade rating, or are state-owned. Therefore, discussions with issuers are currently focused more on stock listings.

In April 2026, the BT Group launched its first Exchange-Traded Fund (ETF). It is an instrument that provides retail investors with simplified exposure to the leading companies listed on the Bucharest Stock Exchange. „We have seen many investors transition from Fidelis to the ETFs, and their next step is to venture into the capital market and equity investments independently,‟ said Daniela Secară, adding that retail investors are now focusing more on medium- and long-term investments rather than on speculative trading. BT Capital Partners describes its role as building an efficient mechanism through which public savings and institutional capital are directed toward companies that generate investments, jobs, and economic growth. Some retail investors are now locking in the profits they made over the last two years, the CEO of BT Capital Partners added. The market’s evolution also depends on the country’s credit rating. „Yes, foreign investors, in particular, focus on this rating aspect, but Romanian pension and investment funds drive the vast majority of the capital market.‟ According to the CEO, institutional investors are in no rush to exit companies and businesses. We believe the next chapter of the capital market will be defined by stronger companies, a larger number of investors, and the continuous integration of Romania into the global economic structure. BT Capital Partners aims to remain a promoter and an active partner in this transformation,” Daniela Secară pointed out.