Next Generation Partners

Firms in the Spotlight Capital markets

Filip & Company

Filip & Company logo

Filip & Company is one of the leading law firms in Romania providing top quality assistance in all relevant areas of law for businesses operating in Romania or considering Romania.

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Popovici Nitu Stoica & Asociatii

Popovici Nitu Stoica & Asociatii logo

Popovici Nitu Stoica & Asociatii is a leading Romanian independent law firm. Established in 1995, as one of the first incorporated partnerships, the firm brings together strong local resources, with exceptional credentials, outstanding records and distinguished careers in law, business and academia.

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Capital markets in Romania

Clifford Chance Badea

Clifford Chance Badea draws on the strength of its international links in order to advise on capital markets matters with Romanian law components, and is well versed in handling significant debt and equity transactions, often with cross-border elements. The department is also well known for assisting clients with market abuse and compliance issues. The practice is jointly led by Madalina Rachieru-Postolache and Daniel Badea; the duo stand out for their ‘deep knowledge of the market and industry, and dedication that exceeds expectations', and field expertise in transactional matters. Senior associate Gabriel Toma is singled out for his contributions.

Practice head(s):

Daniel Badea; Madalina Rachieru-Postolache

Other key lawyers:

Gabriel Toma


‘I have been working with Clifford Chance for a good number of years now on capital markets transactions. The firm delivered outstanding results, going above and beyond in accommodating complex circumstances, under tight deadlines and bringing innovative solutions to otherwise difficult matters.’

‘I had the pleasure of working with Madalina Rachieru-Postalache and Dan Badea, and it was an exceptional experience. The professionalism and knowledge are truly remarkable. From start to finish, they have demonstrated deep knowledge of the market and industry, and dedication that exceeds expectations. They always show a high level of responsiveness, innovative spirit and practical approach.’

‘The team stands out distinctly in the industry, thanks to a harmonious blend of individual specializations that complement each other, ensuring a holistic approach to client needs. Collaboration is at the heart of their operations, fostering a seamless synergy both internally and with clients. They are the best in Romania for finance and capital markets.’

‘In the realm of legal expertise, certain individuals truly distinguish themselves from the crowd, and my experience with Madalina Rachieru and Gabriel Toma at Clifford Chance Badea is a testament to this. Madalina’s hands-on approach ensures that every detail is meticulously addressed, and her profound market knowledge provides invaluable insights that are hard to find elsewhere. On the other hand, Gabriel Toma’s unwavering commitment to the tasks at hand and his excellence in execution have consistently delivered outstanding results. Both of them, in their unique capacities, bring qualities that are not just commendable but also rare in the industry. Their combined expertise, dedication, and personal touch set them leagues apart from competitors.’

Key clients

Citigroup Global Markets Europe AG

Erste Bank Group


Morgan Stanley

NEPI Rockcastle

OMV Petrom

Raiffeisen Bank International

UniCredit Bank

Work highlights

  • Advising a syndicate of 14 banks on Fondul Proprietatea’s sale of its stake in Hidroelectrica and listing of Hidroelectrica on the Bucharest Stock Exchange.
  • Advised Citigroup Global Markets Europe AG and Raiffeisen Bank International on the establishment of the €600m MTN Programme and initial RON650m drawdown under the programme by CEC Bank.
  • Assisting an energy distribution group with operations in Romania and Republic of Moldova with preparations for its envisaged 144A IPO and listing on the Bucharest Stock Exchange.


CMS‘s Bucharest office combines its regional knowledge with the firm's wider international expertise in order to provide an extensive capital markets offering in Romania. Led by Cristina Reichmann, who has an excellent reputation for her established expertise in securities matters, the team is adept at handling debt and equity capital markets work, and has a strong track record in advising on IPOs, high-yield bonds, derivatives, structured finance and securities matters. Reichmann and counsel Adina Nanescu garner praise for their 'valuable expertise and commercially relevant advice'. Claudia Popescu and Mircea Ciută are names to note.

Practice head(s):

Cristina Reichmann

Other key lawyers:

Adina Nanescu; Mircea Ciută; Claudia Popescu


‘During our collaboration, CMS has proven exceptional skills in the capital markets fields. The quality of their legal services has been proven by the feedback and proposed solutions, combining both high theoretical knowledge and expertise, adding significant value to the relevant transaction.’

‘The complexity of the relevant transaction was successfully handled by the CMS team, showing extensive knowledge of both specific legal field as well as the more general banking legal framework’

‘CMS approaches every project very carefully, with deep knowledge of the market offering high quality advice in complex situations.’

‘CMS put forward an experienced team lead by highly regarded partner Cristina Reichman supported by Adina Nanescu, Claudia Popescu and Mircea Ciuta. Their diligence, experience, responsiveness and insightful analysis ensured swift and successful deal execution.’

‘The CMS team are efficient, highly responsive and provide commercially valuable advice and expertise. They are also very collaborative with all project team members. ’

‘Cristina Reichmann and Adina Nanescu provide valuable expertise and commercially relevant advice. ’

‘Very knowledgeable law firm, great international brand name and highly-specialized in providing English law advice as well.’

‘Highly knowledgeable partners in capital markets . Great reputation as professionals in this market in Romania. Always a pleasure to work with them, always smooth sailing and successfully-closed transactions.’

Key clients

International Finance Corporation


Libra Internet Bank

Advent International Corporation


Raiffeisen Bank S.A.

European Fund for Southeast Europe

Alpha Bank

BRD Groupe Societe Generale


Filip & Company

The ‘incredibly smart and commercial‘ capital markets team at Filip & Company is very highly regarded in the Romanian market. The group has an excellent track record in acting on a number of the most complex, high-value domestic and international transactions in the space. Led by Alexandru Bîrsan, who stands out as ‘a legend of Romanian capital markets', the practice's offering includes IPOs, bond issuances and share capital increases. Olga Niță is 'very hard working and intelligent'. Roxana Diaconu and Anca Badescu are key names to note.

Practice head(s):

Alexandru Bîrsan

Other key lawyers:

Olga Niță; Roxana Diaconu; Anca Badescu


‘Their practice is unique in the market due to the capabilities of the partners and their approach to both topics and clients. They tend to take an integrated view of the issues, not only legal, but also business-related perspective, understand the context and suggest innovative solutions. I would say innovation in their case comes from the way they approach the topics, they structure their advice, as well as in testing the limits of regulation and interpreting norms in the client advantage.’

‘The individuals I work with really stand out – Alexandru Birsan, especially. I can undeniably say that his approach is different: solution-oriented, effective, thorough, with attention to details and the business context of the client. He takes time to really understand issues and comes up with tailor-made solutions which prove his knowledge, but also his very intelligent and empathic way of looking at different cases and/or company situations.’

‘The best capital markets team for entrepreneurial companies – quick, precise, innovative, with many years of experience across different sectors and many transactions. Always eager to assist in unique and new transactions. Always looking out for the best interest of the client, proactive when needed but never pushy. Very professional and always pleasure to engage.’

‘Alex Birsan who is an exceptional lawyer and capital markets expert managed to build a remarkable team of lawyers in his capital markets practice, team that truly reflects on the values he promises to clients and always delivers. Together with Olga Nita and Anca Badescu are the go-to team for any company that wants to go public or is already listed but is willing to step up its legal game.’

‘They are quite simply the best team in town. Incredibly smart and commercial, always “on”, super fast delivery and great fun to work with. The team is super strong across the board, which is rare among law firms. Their advice is both technically perfect and commercially astute and they always see the big picture.’

‘Alex Birsan is the main partner and, even though relatively young, is a legend of Romanian capital markets. He has seen it all before, is unflappable and has a great sense of humour. He is very creative, a true problem solver and is always very involved.’

‘Olga Nita is a young up and coming partner, very hard working, intelligent and technically sophisticated.’

‘Very large and well resourced practice. Extremely professional, Highly dependable.’

Key clients

RCS&RDS S.A./ DIGI Communications N.V.

Fondul Proprietatea S.A.

Banca Transilvania

Romanian Ministry of Finance

One United Properties

Roca Investments

Impetum Group

Austriacard Holdings AG


Holde Agri Invest

Abris Capital Partners

Electrica S.A.


Piraeus Bank SA

ADREM Corporate S.R.L.

Work highlights

  • Advising Banca Translivania on the issuance of €600m preferred non-eligible bonds and €200m Tier 2 bonds issued under the bank’s EMTN programme in 2023.
  • Assisting One United Properties with a share capital increase operation and subsequent admission to trading on the Bucharest Stock Exchange.

RTPR | Radu Taracila Padurari Retevoescu SCA

RTPR | Radu Taracila Padurari Retevoescu SCA‘s capital markets team has strength in handling both debt and equity transactions, and has a solid track record in handling a number of high-profile IPOs. The practice continues to be instructed in IPOs and debt work. Practice co-heads Mihai Ristici and Victor Pădurari regularly represent major international banks and investment companies in mandates. The 'very skilled and very dedicated' Marina Fecheta-Giurgica and rising star Vlad Stamatescu ably support the duo.

Practice head(s):

Mihai Ristici; Victor Padurari

Other key lawyers:

Vlad Stamatescu; Marina Fecheta-Giurgica


‘Diverse and collaborative.’

‘The team is highly dedicated and business oriented. They combine experience with legal knowledge, which makes it very comforting to have them on one’s side during ECM transactions.’

‘Mihai Ristici is a fine negotiator and skilled lawyer with deep understanding of ECM transactions. He is always focused on understanding business needs and finding the best solutions to meet them.’

‘Marina Fecheta-Giurgica is very skilled and very dedicated. She is in a good position to develop and gain prominence as a ECM counsel in Romania.’

‘The RTPR team is knowledgeable and eager to help.’

‘They identify solutions and market precedents.’

Key clients

Morgan Stanley Smith Barney


Credit Suisse

BNP Paribas

Autonom Services

WOOD & Company Financial Services


Barclays Bank

Work highlights

  • Advised Wood & Company Financial Services on an €85m IPO and admission to trading of Agricover Holding SA.

Schoenherr si Asociatii SCA

Schoenherr si Asociatii SCA has a considerable presence in Romania’s capital markets industry. The practice is home to a highly experienced team, which is well versed in advising on the full range of capital markets matters, including IPOs, SPOs and secured and unsecured debt issuances. The client base includes corporate issuers and investment banks, and the group often advises on equity listings. Practice head Narcisa Oprea stands out for her 'exquisite knowledge'. Veronica Das Alexeev has experience in representing domestic and international entities in capital markets matters; Cristina Tudoraș and Silviu Lazăr are also key practitioners.

Practice head(s):

Narcisa Oprea

Other key lawyers:

Veronica Das Alexeev; Cristina Tudoras; Silviu Lazăr


‘This practice is unique because of the wide range of law enforcements and also works in an international environment. The team’s strengths are their great communication with the client and adaptability to the clients specificities.’

‘Narcisa Oprea is different from other competitors mainly due to her exquisite knowledge where the law is grey and her availability to offer answers and explain the answers in a non-legal vocabulary.’

‘They possess extensive expertise in all matters pertaining to capital markets and are open to participating in advocating for legislative changes with the objective to support the growth of the capital market.’

‘The partners are very open and flexible, you can count on them.’

‘This practice is unique due to being highly dynamic and standing at the intersection of various working fields.’

‘Narcisa Oprea stands out through her knowledge and responsiveness.’

‘I have been working with Schoenherr și Asociații SCA for a good number of years now on capital markets transactions, including regulatory aspects. The work delivered was excellent, on the point and on time.’

‘We have worked with Narcisa Oprea. I was impressed with the high level of knowledge, the practical and, at the same time, innovative approach.’

Key clients

Agricover Holding

Aquila Part Prod Com

Bitnett Systems

BRD Societate de Administrare a Fondurilor de Pensii


Patria Bank

Prefera Foods



TTS (Transport Trade Services)

Work highlights

  • Advised a foreign company on its intention to list its shares on the regulated market operated by the Bucharest Stock Exchange.
  • Advised the joint global coordinators and joint bookrunners on a €150m placement of shares, following the completion of an accelerated bookbuild.


At Dentons' Bucharest office, the capital markets practice is led by the 'outstanding' Loredana Chitu, who garners praise for her 'analytic abilities, legal acumen and pragmatic, pro-active approach'. Under her leadership, the team is regularly instructed by banks and issuers in domestic and international equity and debt transactions. In a standout matter, the group recently acted as part of a global team in order to assist Hidroelectrica with its €1.9bn IPO and subsequent listing on the Bucharest Stock Exchange. Chitu is ably supported by associate Alin Roca.

Practice head(s):

Loredana Chitu

Other key lawyers:

Alin Roca


‘I think that good knowledge of previous transactions plus flexibility are very much appreciated for the potential clients.’

‘I have valued the deep understanding of the context, the availability for effort and the very direct interaction, considering the multiple restrictions and changes we faced during the transaction.’

‘Very hard-working, very active and well-known in Romanian capital markets.’

‘Loredana Chitu is the capital markets partner we work with constantly and her resilience and grit are something we appreciate a lot. She’s always available and always willing to help out. We have been very pleased to work with her on multiple DCM mandates over the last few years.’

‘Very responsive with great experience and innovation.’

‘The capital markets team is extremely qualified in both national and international market practice and regulatory affairs. It provides consistent high-quality, pragmatic and quick advice and is extremely pro-active in its responses. They understand themselves as pro-active guides and collaborate actively and helpfully in both transactional structuring and negotiating. In short, they have stellar legal and market practice experience and competitive pricing.’

‘Loredana Chitu is the driving force of Dentons’ Romanian capital markets team. Her analytic abilities, legal acumen and pragmatic, pro-active approach are outstanding. In particular, her expertise in banking and capital markets law (both national and international) render her an extremely valuable asset in every transaction.’

‘The team is led by Loredana Chitu who is highly committed to a project and will not let the ball drop. Highly impressed with her responsiveness and closeness to clients.’

Key clients


CEC Bank

UniCredit Bank AG

Raiffeisen Bank International

Raiffeisen Bank S.A.

BRD – Groupe Societe Generale (Bucharest)

Banca Comerciala Romana

Swiss Capital


Work highlights

  • Advising Hidroelectrica on its €1.9 billion IPO and listing on the Bucharest Stock Exchange.
  • Advising CEC Bank on the establishment of its €600 million Euro Medium Term Note Programme, as well as the first two issuances under the framework.
  • Advising Banca Comerciala Romana – Groupe Société Générale and Raiffeisen Bank on the Bucharest Municipality’s issuance of bonds with a total value of RON555m, and subsequent listing on the Bucharest Stock Exchange.

Bondoc si Asociatii SCA

The experienced capital markets team at Bondoc si Asociatii SCA is active on a broad range of transactional and regulatory matters. Cross-border and domestic instructions are prominent in the group’s workload, and the department is recognised for representing a solid client roster of major companies and financial entities. Simona Petrișor heads up the practice, and is ably supported by corporate finance expert Diana Ispas, who stands out for her ‘exceptional leadership skills‘.

Practice head(s):

Simona Petrișor

Other key lawyers:

Diana Ispas; Alexandru Achim; Florin Sandu; Silviu Vasiliu


‘Practical, efficient and easy to work with.’

‘We appreciate the quick response, quality of work and good insight in the field.’

‘We recommend Simona Petrisor.’

‘I have had the privilege of collaborating with Diana Ispas for several years. Her exceptional leadership skills and ability to inspire others were evident in every project we worked on together. Diana has excellent communication abilities and a strategic mindset.’

Key clients

COMMERZBANK Finance & Covered Bond

Fondul Proprietatea S. A

Franklin Templeton Investments Management Limited

Raiffeisen Bank International AG


Iyuno II AB / Iyuno Romania SRL


Euro Sun Mining Inc.

Bucharest Stock Exchange

Credit Agricole Corporate & Investment Bank


A&M Capital Advisors Europe LLP

Work highlights

  • Advised Raiffeisen Bank Intentional on a €25m debt issuance.


Volciuc-Ionescu's capital markets practice has a solid track record in representing major multilateral lenders and investors, and is equally adept at handling Romanian and international mandates. Managing partner Sabin Volciuc-Ionescu heads up the practice, and is well versed in assisting with both equity and debt capital markets matters. He is ably supported by senior associate Diana Tudor, a rising star in the Romanian capital markets space.

Practice head(s):

Sabin Volciuc-Ionescu

Other key lawyers:

Diana Tudor

Key clients

International Finance Corporation (IFC)

Banca Comerciala Romana (BCR)

Work highlights

  • Advised IFC on a range of investments in various bonds.
  • Advised a Romanian blue chip company on a covered bonds matter.
  • Advised a listed blue-chip company on an employee-stock option plan.


Regulatory work forms the backbone of Kinstellar's capital markets practice. The 'hands on and knowledgeable' team, which is led by financial regulatory expert Zsuzsa Csiki, is often instructed by major global banks and investment companies in work involving Romanian legal elements. Csiki is ably supported by managing associates Mădălina Perțe and Răzvan Constantinescu.

Practice head(s):

Zsuzsa Csiki

Other key lawyers:

Mădălina Perțe; Răzvan Constantinescu


‘Great team and deep market knowledge. Good coverage.’

‘Very hands on and knowledgeable team providing first class service.’

‘Magdalena Raducanu is a very knowledgeable and efficient lawyer and we would trust her with any assignment. We enjoyed working with her.’

Key clients



IC Markets

State Street Bank

AMP Capital Funds Management Limited

Apollo Investment Management Europe

ING Bank N.V.

Citibank Europe

Citigroup Global Markets Limited


JP Morgan Chase

Work highlights

  • Advised ING Bank on the update of the ING Global Issuance Programme.

Leroy si Asociatii

Led by Andreea Toma, the team at Leroy si Asociatii is sought after for its expertise in handling structured products, including swaps and derivatives, and is adept at assisting with transactional and regulatory work. Cristian Bumbac is recommended for derivatives matters.

Practice head(s):

Andreea Toma

Other key lawyers:

Cristian Bumbac

Key clients

International Capital Market Association (ICMA)

International Securities Lending Association (ISLA)

International Swaps and Derivatives Association (ISDA)

European Federation of Energy Traders (EFET)

Work highlights

  • Assisting the ICMA with updating the industry opinion regarding repurchase transactions and buy/sell-back transactions.
  • Acting for ISLA in matters pertaining to securities lending transactions contemplated under the Global Master Securities Lending Agreement (GMSLA) published by the client.
  • Advising the ISDA in relation to the enforceability of certain provisions of the ISDA/FIA Client Cleared OTC Derivatives Addendum when used in conjunction with any of the 1992 or 2002 ISDA Master Agreements.

Musat & Asociatii

Musat & Asociatii handles a range of cross-border capital markets matters, and has established strength in advising on capital raising transactions. The practice is jointly led by senior partner Gheorghe Muşat and Răzvan Stoicescu, a highly regarded practitioner in the Romanian market. Banking and finance expert Monia Dobrescu is a name to note.

Practice head(s):

Gheorghe Muşat; Răzvan Stoicescu

Other key lawyers:

Monia Dobrescu


‘The team is technical but very commercial and able to explain complex concepts in clear, digestible terms.’

‘Razvan Stoicescu is very proactive and quick to respond to clients.’

Key clients

The Ministry of Public Finance of Romania

HSBC, JP Morgan, RBC, Citibank, Northern Trust, State Street, The Bank of New York Mellon


Rakuten Inc.

Vivendi S.E.

Morningstar Inc.

Wordline S.A.

Work highlights

  • Advised the Ministry of Public Finance of Romania on the negotiations and conclusion of ISDA Master Derivative Agreements.
  • Advised ATOS on an employee share offering.
  • Assisted Vivendi with an employee share offering.

Popovici Nitu Stoica & Asociatii

Popovici Nitu Stoica & Asociatii's practice is well versed in advising on a broad spectrum of equity and debt capital markets matters. Under the leadership of Bogdan Stoica and Alexandru Ambrozie, the team has particular expertise in advising large, high-profile investment funds in the capital markets space. Alexandra Niculae is singled out for her contributions.

Practice head(s):

Bogdan Stoica; Alexandru Ambrozie

Other key lawyers:

Alexandra Niculae

Key clients

Franklin Templeton Investment Management Limited United Kingdom

Property Fund








Revaho Beheer BV




Meta Estate Trust


Orange SA

Work highlights

  • Assisted Meta Estate Trust with launching its IPO and listing its shares on the Bucharest Stock Exchange.
  • Acted for Orange in relation to a new share offering program addressed to its Romania-based 3,000 employees.
  • Assisting the Fund Managers Association (AAF) and Fondul Proprietatea with the new requirements regarding the composition of the Audit Committee.