The Nasdaq Baltic Exchanges are recording a historic milestone – with 9 public bond offerings ongoing this week. Such intensity of bond offerings has not been observed in the Baltic markets over the past 30 years.
From January to April 2025, a total of 10 corporate bond offerings were carried out on the Nasdaq Baltic market, with a combined value of €112 million. Of these, 7 corporate bonds were issued in Lithuania, amounting to more than €42 million, while Latvia saw 2 corporate issues worth €63 million, and one corporate bond issue took place in Estonia, worth €6 million.
Currently, there are 4 public bond offerings from Estonian companies (Invego Latvia, Everaus, IuteCredit Finance, and Eesti Energia), 3 from Lithuanian companies (S3 Business, Sostinės Bokštai, and Vli Timber), and 2 from Latvian companies (PN Project and Rīgas ūdens).
“Stock market activity in recent years has been truly impressive – companies are increasingly using bond issuances as an alternative means of raising capital. This choice is driven by both the simplified issuance process and the growing trust in capital markets, as well as investors’ understanding of investment opportunities,” says Liene Dubava, Chair of the Management Board of Nasdaq Riga.
“The market dynamics were also positively influenced by the funds that became available to investors following the buyback of Enefit Green shares. This return of capital likely served as a stimulus for seeking new investment opportunities,” she adds.
The most active participants in the bond issuance process are currently Signet Bank, Artea Bank, LHV Pank and Orion Securities. Brokers organizing bond auctions on the Nasdaq platform help clients acquire securities through public offerings, establishing prices through a transparent and competitive process. This ensures a reliable environment for both issuers and investors for capital raising and investment.
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