Piata de capital din Romania, lovita de comisioanele mari?Claudiu Vrinceanu, 9 Aug 2007

Piata romaneasca de capital a trecut sub lupa analistilor de la Financial Times care considera ca la opt luni de la aderare segmentul de obligatiuni ar trebui sa reprezinte centrul de atentie al investitorilor straini. Din pacate, nu este deloc asa, iar aceasta concluzie trista ii irita atat pe emitenti, cat si pe investitorii internationali care cauta castiguri fixe pe piata de capital Daca in toamna anului trecut prestigioasa publicatie de business Financial Times explica comportamentul gigantilor industriei IT la cumparaturi de software de securitate, prin orientarea catre Romania, amintind de companii locale precum GeCAD sau Softwin, in ziarul britanic s-a rezumat editia de ieri la a enumera bolile pietei locale de capital. Astfel, piata romaneasca de capital sufera de o lipsa cronica de lichiditati, fapt explicat de bancile straine prin tarifele necompetitive impuse de Comisia Nationala a Valorilor Mobiliare (CNVM). La opt luni de la aderarea la Uniunea Europeana si in contextul unei reforme cruciale a sistemului pensiilor, piata romaneasca de capital ar trebui sa fie in centrul atentiei investitorilor, spun editorii FT. Nu se intampla asa, confirma investitorii chestinati de FT. Mai mult, piata obligatiunilor, care se presupune a fi in plina dezvoltare, anunta o incetinire a cresterii. "Nu exista o piata puternica a obligatiunilor in Romania, in acest moment", a declarat vicepresedintele departamentului piete de capital al Raiffeisen Bank Romania, James Stewart. Potrivit acestuia, ingustimea pietei are drept cauza costurile ridicate pe care trebuie sa le suporte o companie pentru a emite obligatiuni la Bursa de Valori de la Bucuresti, care pot ajunge la 0,5 procente din fiecare tranzactie. Ce cred insa specialistii romani? Analistii locali accepta ca la nivel international piata romaneasca nu este inca una semnificativa, insa daca privim pondere in regiunea Europei Centrale si de Est, Bursa de la Bucuresti creste in vizibilitate. Segmentul de obligatiuni este intr-adevar putin dezvoltat in Romania, spectrul investitorilor institutionali locali fiind pana acum destul de restrans. Intr-o perspectiva de 3 ani, pe masura ce fondurile de pensii si fondurile de investitii vor castiga in dimensiune, oferta de astfel de instrumente isi va gasi din ce in ce mai mult

corespondentul in cerere, a explicat pentru Wall-Street Cristian Tudorescu, Head of Research Vanguard. In opinia analistilor de la Raiffeisen Bank, costul unei emisiuni te determina sa spui ca nu are nici un sens sa o lansezi in Romania: o emisiune de obligatiuni de 100 milioane euro costa 500.000 euro. Mai mult, Financial Times explica ca in Romania costul este de trei ori mai mare decat in Marea Britanie, unde se ridica la 0,15 procente. Pe o piata romaneasca de capital caracterizata prin lichiditate scazuta, au fost tranzactionate in ultima luna doar sapte obligatiuni corporatiste si 12 municipale. Piata de obligatiuni romaneasca se afla in afara radarului investitional pentru majoritatea managerilor de obligatiuni, sustine Peter Marber, analist Halbis. Analistii internationali sustin ca piata locala a obligatiunilor continua sa situeze departe de cea a actiunilor, chiar daca ultimii ani au subliniat o crestere a interesului companiilor pentru atragerea de finantare prin imprumuturi de pe piata de capital. Piata obligatiunilor, in 2006, a fost reprezentata exclusiv de emisiunile corporative. In 2006, valoarea totala a emisiunilor de obligatiuni corporative a atins 850 milioane de lei, adica peste 240 milioane euro. Emitentii au fost majoritatea institutii financiare, mai exact trei societati bancare, Banca Comerciala Romna (BCR), Banca Carpatica, Procredit Bank, o societate de leasing, International Leasing si Banca Mondiala. Avicola Bucuresti a fost singura companie care a emis obligatiuni in 2006, apartinind altui sector economic. In general, emitentii au ales o perioada scurta de maturitate a emisiunilor de obligatiuni, aceasta fiind cuprinsa intre trei si patru ani. BCR a lansat cea mai mare emisiune, dintre cei sase emitenti, in valoare de peste 240 milioane de lei, cu o scadenta de trei ani.

Capital market in Romania, hit by higher fees?Claudiu Vrinceanu, 9 Aug 2007

Romanian capital market has been under scrutiny from the Financial Timesanalysts believe that the eight months following signing of the bond segment should be the focus of attention of foreign investors. Unfortunately, it is not so, and this sad conclusion irritates both issuers and international investors seeking fixed returns on capital market. If last fall's prestigious Financial Times business publication explains the IT industry giants shopping behavior of security software, the orientation towards Romania,reminiscent of local companies and Softwin in British newspapers summary of yesterday's edition include "diseases "local capital market. Thus, the Romanian capital market suffers from a chronic lack of liquidity, which is explained by foreign banks through competitive tariffs imposed by the National Securities Commission. Eight months after joining the European Union and in the context of the crucial reforms of the pension system, the Romanian capital market should be the focus of investors, say editors FT. Not the case, confirmed by FT investors. Moreover, the bond market, which is supposed to be growing, announces a slowdown. "There is a strong bond market in Romania, at the moment," said vice president of capital markets at Raiffeisen Bank Romania, James Stewart. According to him, due to narrowness of the market has the higher costs must bear a company to issue bonds to the Bucharest Stock Exchange, which may reach 0.5 percent of each transaction. But what do Romanian experts believe? Analysts agree that international local Romanian market is still a significant, but if we look at share in Central and Eastern European region, the Bucharest Stock Exchange increases visibility. "The bond segment is indeed less developed in Romania, local institutional investors spectrum is so far quite limited. In a perspective of three years, as pension investment funds will gain in size, offer such tools will find increasingly more said the correspondent in demand, Cristian Tudorescu Wall Street, Head of Research Vanguard. According to analysts at Raiffeisen Bank, the cost of a show makes you say he has no sense to launch in Romania: a bond issue of 100 million cost 500,000 euros. Furthermore, the Financial Times explained that in Romania the cost is three times higher than in Britain, where up to 0.15 percent. On a Romanian capital market characterized by low liquidity, have been traded last month only seven corporate bonds and 12 municipal. "Romanian bond market is outside the investment radar for most bond managers," said Peter Marber.

International analysts say the local market bonds continue to fall far from the action, even though recent years have highlighted a growing interest by companies to attract financing loans on capital markets. Bond market in 2006, was represented exclusively by corporate programs. In 2006, the total corporate bonds reached 850 million lei, which is over 240 million. Issuers were mostly financial institutions, namely three banking companies, Romanian Commercial Bank (BCR), Carpathian Bank, Procredit Bank, a leasing company, International Leasing and World Bank. Poultry Bucharest was the only company that issued bonds in 2006, belonging to another economic sector. Generally, issuers have chosen a short maturity bonds, which is between three and four years. BCR has launched the largest program, including six issuers, worth 240 million lei, with a maturity of three years.