Moldova's National Commission for Financial Markets reports MDL 1,445.73 million in 2025 primary issuance and a 52.3% rise in market capitalisation

Moldova's National Commission for Financial Markets (CNPF) published its 2025 capital market indicators, highlighting higher fundraising volumes and a sharp rise in market capitalisation, alongside continued concentration of secondary-market trading outside regulated venues. The update also points to the National Strategy for Capital Market Development 2025-2030 and the official registration of the International Stock Exchange of Moldova SA. Primary market issuance comprised 66 issues worth MDL 1,445.73 million, down from 92 issues in 2024 but more than double in value, lifting the average issue size to MDL 21.91 million. Corporate bonds dominated, with eight issues totalling MDL 1,109.50 million, all by BC “Moldova Agroindbank” SA, alongside 52 additional share issues worth MDL 306.23 million and two municipal bond issues totalling MDL 7.50 million. Foreign direct investment in share capital rose to MDL 132.79 million, led by MDL 124.53 million invested in SA “Basarabia-Nord” by UK investors. On the secondary market, estimated market capitalisation reached MDL 24,171.63 million at end-2025; 3,361 transactions totalled MDL 1,378.53 million, with over-the-counter trades accounting for 95.65% of volume, and price increases noted for several bank shares including BC “Moldova Agroindbank” SA (MDL 95 to MDL 140) and BC “FinComBank” SA (MDL 500 to MDL 630). To begin operating, the International Stock Exchange of Moldova SA must still obtain CNPF authorisation, with its management indicating an indicative target date of 30 June 2026. The voluntary pension fund managed by Societatea de Administrare a Fondurilor de Pensii Facultative “Aragonn Grup” SA remained unlaunched, with the application to approve the fund’s establishment submitted at the end of 2025 and under CNPF review.