Capital markets in Romania

Clifford Chance Badea

Clifford Chance Badea handles the full spectrum of debt and equity capital market products for clients such as Raiffeisen Bank, HSBC and BNP Paribas. Recent highlights include advising Globalworth Real Estate Investment on drafting the prospectus and obtaining relevant regulatory approvals for the listing of a €550m bond on the Bucharest Stock Exchange and assisting Deutsche Bank and UBS Investment Bank with the secondary public offering launched by Alro. Madalina Rachieru-Postolache heads the practice.


Cristina Reichmann is the name to note at CMS. She heads a practice praised for its ‘efficiency, strong expertise and prompt advice’. Reichmann acted on banking side in connection with a private IPO and subsequent listing of a Moldova-based issuer on the Bucharest Stock Exchange. The team also acted for a public/private investment fund in relation to a bond issued by Transilvania Bank. Mandates relating to market transactions and secondary public offerings (SPOs) also form part of the team's recent caseload.

Filip & Company

Filip & Company advised Banca Transilvania in connection with the insurance and subsequent listing on the Bucharest Stock Exchange of euro-denominated unsecured subordinated tier 2 capital bonds. Practice head Alexandru Bîrsan led on the matter and was assisted by recommended senior associate Olga Niţă. In addition to acting on domestic and cross-border capital markets transactions, the team also provides regulatory and corporate advice and advised the Bucharest Stock Exchange on compliance and corporate structuring issues arising from its merger with Sibex – Sibiu Stock Exchange. Eliza Baias is an integral member of the team and has been promoted to partner.

RTPR Allen & Overy (Radu Taracila Padurari Retevoescu SCA in ass

Costin Tărăcilă and Mihai Ristici head the practice at RTPR Allen & Overy (Radu Tărăcilă Pădurari Retevoescu SCA in association with Allen & Overy LLP). The team is highly regarded for IPO matters and recently coordinated between five jurisdictions when advising Purcari Wineries on its IPO and admission to the Bucharest Stock Exchange. Loredana Chitu (Boeru) joined Dentons in 2019.

Schoenherr si Asociatii SCA

Schoenherr şi Asociaţii SCA handles the entire range of capital market transactions including IPOs, SPOs, and secured and unsecured debt issuances. It notably acted for Raiffeisen Bank, Groupe Société Générale and Banca Comercială Română in relation to a €120m principal amount bond issuance by the city of Bucharest. In a further highlight, the team advised Sphera Franchise Group on its IPO on the Bucharest Stock Exchange, including on the pre-IPO corporate restructuring of six entities operating across three jurisdictions. Narcisa Oprea heads the practice, which also assists clients with corporate governance and compliance issues. Attorney at law Veronica Das Alexeev is also singled out.

Bondoc si Asociatii SCA

Simona Petrisor’s team at Bondoc si Asociatii SCA in alliance with White & Case is adept at handling equity and debt capital markets work, regulatory matters and corporate governance issues. Recent work highlights include advising Raiffeisen Bank on a €25bn debt insurance programme and assisting the Bucharest Stock Exchange with regulatory and corporate matters.

Musat & Asociatii

Highlights for Muşat & Asociaţii included acting for The Government Agency of State Ownership and Privatization in connection with the secondary public offering on the Bucharest Stock Exchange of the Romanian state's 15% share in Transgaz. The team also advised Banca Transilvania on the structuring and preparation of a €30m convertible bonds issuance. Gheorghe Musat and Razvan Stoicescu jointly lead the practice, which possesses considerable experience with acting on major IPO projects.

Nestor Nestor Diculescu Kingston Petersen

Nestor Nestor Diculescu Kingston Petersen adeptly handles matters relating to equity and debt capital markets, derivatives, financial and investment services, stock options and the operation of regulated markets. Manuela Nestor heads the team and is supported by Alina Radu and Adriana Gaspar. The group assisted Fondul Proprietatea in investment fund matters.

Popovici Nitu Stoica & Asociatii

Bogdan C. Stoica and Alexandru Ambrozie jointly head the practice at Popovici Nitu Stoica & Asociatii. Fondul Propietatea received advice on a shareholder dispute at Oil Terminal, a company in which the client is a minority shareholder. Other notable clients include Franklin Templeton Investment Management, Oresa Ventures and Immofinanz.

Suciu Popa

Suciu Popa assisted Hidroelectrica with its IPO and advised clients such as ARO Palace, SIF Transilvania and Feper on issues including regulatory compliance, corporate governance and shareholder disputes. Miruna Suciu and Dan Ciobanu jointly head the department.


Volciuc-Ionescu's team is led by Sabin Volciuc-Ionescu, an expert in both dept and equity capital market transactions. It recently advised the International Finance Corporation on a Basel III-compliant subordinated bond investment to be issued by Banca Transilvania. On the advisory front, the group provided counsel to a multinational client regarding local regulation of capital market investment activities.

Tuca Zbârcea & Asociatii

Ţuca Zbârcea & Asociaţii acts for clients such as Erste Bank, Banca Comercială Română and BRD – Groupe Société Générale on debt and equity capital market matters in addition to regulatory compliance matters. Silvana Ivan leads the team jointly with Stefan Damian and provided regulatory advice to Patria Bank on its attempted acquisition of Piraeus Bank Romania.


Practice head Bogdan Bibicu is the key name at Kinstellar. He recently advised ING Bank on Romanian law implications and selling restrictions in relation to a €40bn global bonds issuance programme. Continental Capital Markets received advice on MiFID II requirements for providing services in Romania.

Leroy si Asociatii

Leroy si Asociatii acts for household names such as Goldman Sachs and BNP Paribas. The International Finance Corporation sought advice in relation to Purcari Wineries' listing on the Bucharest Stock Exchange. Cristina Togan heads the practice alongside Andreea Toma and has experience advising on financial transactions as well as handling regulatory and compliance issues.