Moldova's National Commission for Financial Markets published its review of 2023 and 2024 capital market indicators, showing an overall downward trend across both the primary and secondary markets in 2024, with a sharper fall in the primary market. Against this backdrop, the primary market recorded a marked shift toward debt, with corporate and municipal bond issuance rising strongly. In January to December 2024, there were 92 securities issues totalling MDL 674.71 million, with bonds accounting for MDL 569.9 million, more than 2.2 times the 2023 level. This comprised nine bond issues by BC Moldova-Agroindbank SA (MDL 564.90 million) and one municipal bond issue by the Ceadîr-Lunga local authority (MDL 5 million); equity issuance included four share issues at incorporation (MDL 7.1 million) and 78 additional share issues (MDL 97.71 million). Total share issuance fell to MDL 104.8 million from MDL 5,194.07 million in 2023, which the Commission attributed mainly to a one-off state capital injection into SA Energocom of MDL 5,050.0 million in 2023; excluding that, adjusted 2023 share issuance would have been MDL 144.07 million, implying a 27.2% decline in 2024. On the secondary market, 1,725 transactions worth MDL 1,436.46 million were recorded in 2024 versus 3,529 transactions worth MDL 1,486.31 million in 2023; exchange trading totalled 291 transactions worth MDL 526.26 million, around 16 times the 2023 value (156 transactions worth MDL 32.01 million), driven by occasional regulated-market trades including a Moldova-Agroindbank share buyback (MDL 231.39 million) and two special trades in Banca Comerciala Româna Chisinau (MDL 224.01 million) and Banca de Finanţe si Comerţ (MDL 9.37 million). The Commission framed the indicators as consistent with continued stagnation in capital market activity, while pointing to rising debt issuance as a supportive signal for the local market’s potential development. Separately, it also held an information session on strengthening consumer protection in financial services and aligning national legislation with the European Union acquis.
National Commission for Financial Markets 2025-05-06
Moldova's National Commission for Financial Markets publishes 2024 capital market indicators showing primary market contraction and bond issuance rising to MDL 569.9 million
Moldova's National Commission for Financial Markets reported a decline in 2024 capital market activity, with a significant drop in primary market issuance, despite a strong rise in corporate and municipal bond issuance. Total securities issues amounted to MDL 674.71 million, with bonds making up MDL 569.9 million, more than double the 2023 level. The Commission noted market stagnation but highlighted increased debt issuance as a positive sign for potential development.