Capital Market

investment services and activities on the capital market

What is the capital market?

It is the general term used to define the market where financial instruments are sold and purchased. This market includes all the entities and operations that support these processes. The capital market provides for links between issuers and investors. The capital market deals with the financial instruments that support the capital exchange.

Which regulations govern the activity of the Bank on the capital market?

  • Law on capital market no.171 of 11.07.2012
  • Regulation on investment services and activities, approved by CNPF (National Commission for Financial Markets) Decision no.49/3 of 26.08.2015
  • Regulated Market Rules of the Moldova Stock Exchange, accepted by CNPF Decision no.23/3 of 08.05.2015
  • Rules of the Multilateral Trading System (MTS) of the Moldova Stock Exchange, System Operator, accepted by CNPF Decision no.60/8 of 13.11.2015
  • Rules of the Central Depository of Securities, approved by SB of DCU Decision no. 14 of 19.04.2019
  • Regulation on the circulation of securities on the capital market approved by CNPF Decision no. 14/5 of 31.03.2016

Who can become an investor on the capital market?

  • An investor is any individual or legal person, resident or non-resident, who owns the funds he / she intends to use in transactions in financial instruments

What financial instruments are traded in the capital market?

  • Corporate securities issued by national legal entities

What is the mode of circulation of corporate securities in the capital market?

  • Through transactions registered on the regulated market of the Moldovan Stock Exchange
  • Through transactions registered within the Multilateral Trading System (MTF) of the Moldovan Stock Exchange
  • Outside the Regulated Market or MTF, at Registry, Central Depository or Investment Companies, which carry out custody activity

Which securities are admitted to trading?

  • Lists of securities admitted to trading on the regulated market/within MTF can be found on the website of the market/system operator in the “Markets” directory

What services does the Bank provide on the capital market?

The Bank, as an investment company, operates in the capital market, under the „C” type license, series CNPF Nr. 000820, of March 15, 2015, for an unlimited period issued by the National Commission for the Financial Market, offers the following services and activities in the capital market:

  • reception and transmission of orders relating to one or more financial instruments

    Reception and transmission of orders for financial instruments include all operations necessary for the reception by the Bank of the customers’ orders and their transmission for execution at the respective trading place

  • execution of orders relating to financial instruments on behalf of customers

    Execution of orders relating to financial instruments on behalf of customers includes the operations necessary for completion of transactions on sale or purchase of financial instruments on behalf of customers, based on their orders

  • investment advice

    Investment advice refers to the issuance of a individual personal recommendation to the customer, taking into account the characteristics of the customer, for a transaction concerning a certain financial instrument. This activity involves the provision of the following services: analysis of financial instruments, their assessment and recommendations on sale and purchase of financial instruments, advice and assistance in conducting public offers of securities on the secondary market

  • Intermediation of the underwriting of financial instruments / placement of financial instruments with or without a firm commitment

    The intermediation of the subscription of financial instruments represents intermediation services offered by the Bank to the issuer of securities within an issue, in order to distribute these financial instruments through the public offer, the Bank having or not having the obligation to subscribe the respective issue

  • custody of financial instruments

    The custody of financial instruments includes the depositing of the securities held by the customers with the Bank by opening individual sub-accounts on behalf of each individual customer with a view of separate recordkeeping. Pursuant to the CNPF requirements, the depositing of securities with the Bank is mandatory in case of sale/purchase transactions registered outside the regulated market or MTF

The Bank is a member of the Regulated Market and the Multilateral Trading System (MTF) of the Moldovan Stock Exchange, it is a participant of the Central Depository of Securities

Investments in municipal bonds

City Hall Singera and Ceadir-Lunga City Hall have successfully completed the process of subscribing, registering and admitting for trading the municipal bonds to the “Stock Exchange of Moldova” S.A.

Victoriabank, as an intermediary, assisted the Local Public Authorities in registering the issued bonds on the Moldovan Stock Exchange (MSE), within the Multilateral Trading System (MTS). Thus, starting with September 28, 2021, the municipal bonds, issued by the City Hall Singera and Ceadir-Lunga City Hall, with the support of the Independent Expert Center "Expert-Grup" and the mediation of B.C. Victoriabank, can be traded on the MTS platform, managed by MSE.

The municipal bonds, according to the reports on the results of the bond issues, issued by the Local Public Authorities, were registered in the Register of securities issuers based on the Decisions of the National Commission of the Financial Market no. 49/6 and no. 49/7 of 25.08.2021.

Municipal bond issues were fully subscribed in less than a week after the launch of the Public Offerings, receiving a total of 37 applications from individuals and legal entities.

The funds in the total amount of 7.5 million MDL, collected from investors will be directed to the developing local infrastructures and increasing the comfort level of the population of the two localities, with a direct positive impact for about 30,000 inhabitants.Ceadir-Lunga City Hall will use the funds attracted in the amount of 3 million MDL to implement a project to improve the road infrastructure in the municipality, and Singera City Hall with the funds attracted in the amount of 4.5 million MDL will build an aqueduct in Singera-Revaca neighborhood.

“We are honored to mediate the first issues of municipal bonds in Moldova, managing to close in advance the bond placements, issued by the City halls of Ceadir-Lunga and Singera. Providing brokerage services to Local Public Authorities is further proof that Victoriabank's priorities include introducing and promoting new services, products and technologies on the financial market in the Republic of Moldova”, said Natalia Paraschiv, Victoriabank's Treasury Director.

The launch of the first municipal bonds in the Republic of Moldova is initiated by the Independent Analytical Center "Expert-Grup" within the project "Local government bonds - as a measure to increase local autonomy", funded by the Embassy of the Kingdom of the Netherlands in the Republic of Moldova.

This success is considered the beginning of a new stage of development on the capital market in the Republic of Moldova.The terms and conditions of the Public Offers:

The description Issuer City Hall SingeraIssuer City Hall Ceadir-Lunga 
Type of securities (bonds)Municipal bonds, issued in dematerialized form by registration in the account, non-convertible, guaranteed by the income of the administrative-territorial unit
Securities classClass I bondsClass II bondsClass I bonds
he term of issuance / circulation of bonds2 years3 years3 years
Total nominal value of the issue2,000,000 MDL2,500,000 MDL3,000,000 MDL
The nominal value of a bond1,000 MDL1,000 MDL1,000 MDL
Total number of bonds issued2,000 units 2,500 units 3,000 units 
Type of interest rate appliedFixed interest rateFixed interest rateFixed interest rate
Periodicity of interest paymentsemiannually semiannually semiannually 
The interest rate, %6.50% per annum6.70% per annum 6.60% per annum 
Subscribed volume2,000,000 MDL2,500,000 MDL3,000,000 MDL
Other information regarding the Issuer's securities

Date of issue of the bonds: 26.08.2021; Date of maturity of the bonds: 26.08.2023; Interest Payment Dates (coupons): 

26.02.2022,26.08.2022, 26.02.2023,26.08.2023

Date of issue of the bonds: 26.08.2021; Date of maturity of the bonds: 26.08.2024; Interest Payment Dates (coupons):

26.02.2022,26.08.2022, 26.02.2023,26.08.2023,26.02.2024, 26.08.2024

Date of issue of the bonds: 26.08.2021; Date of maturity of the bonds: 26.08.2024; Interest Payment Dates (coupons):

26.11.2021, 26.02.2022, 26.05.2022, 26.08.2022, 26.11.2022, 26.02.2023, 26.05.2023, 26.08.2023, 26.11.2023, 26.02.2024, 26.05.2024, 26.08.2024
The reference date, on which the list of bondholders, who are entitled to receive interest (coupons), will be completed, is (T -3), where T is the Interest Payment Date, and 3 means 3 working days, excluding the Interest payment date.