THE ROMANIAN BOND MARKET

The Romanian bonds market is still underdeveloped, as the municipal and corporate bonds are relatively new products on Romanian capital market. Even so their number and value seemed to grow rapidly since they were first issued. On the Romanian market, one can find two types of bonds: municipal bonds and corporate bonds. The present paper is organized in the following way: the first part presents the evolution of the Romanian municipal bonds, from the moment they were first issued (in October 2001) until the present situation. Then, the paper analyzes the second type of bonds – corporate bonds –present at Bucharest Stock Exchange market since May 2003. Along with the bonds evolution, the paper also presents the main factors which can affect their development as financing instruments and as investment opportunities.