Car rental group Autonom lists 5-yr EUR 30 mln bonds on Bucharest Stock Exchange
<p>Romanian car rental group Autonom, owned by brothers Marius and Dan Ștefan, officially listed its 5-year EUR 30 million bonds with the ticker AUT29E on the Bucharest Stock Exchange (BSE).</p>
<p>The bonds, issued to meet sustainability goals, have a maturity date of November 2029 and were issued <a href="https://www.romania-insider.com/autonom-bond-issue-november-2024">at the end of last year</a>. The funds will be used to reduce the average carbon emissions of the operational car fleet by 30% by 2028 and, in the long term, by 55% by 2030, according to the company strategy.</p>
<p>Autonom is one of the largest independent car rental companies in Romania, with over 600 employees and 16,000 cars. The company was founded by the two brothers in Piatra Neamț, eastern Romania, in 2006, and has consistently grown since, being active in Hungary as well. The rental company was also a finalist in the <a href="https://www.romania-insider.com/bvb-arena-2024-awards-gala-finalists-reveal-plans">2024 of the BVB Arena</a>, which offers recognition to promising companies across multiple sectors. </p>
<p>Present at the event, Radu Hanga, chairman of the BVB Board, thanked the stakeholders involved in the listing. He also noted the achievements of the Bucharest stock exchange, despite the shocks caused by the annulled presidential elections.</p>
<p>“Looking back at 2024: RON 363 billion market capitalization of listed companies on the BVB, almost 30% higher than at the end of the previous year. Local companies are worth RON 242 billion, showing 5% growth compared to the end of 2023. We saw a new high in the number of transactions, 2.6 million trade, representing 32% growth compared to the previous year. This is linked to the number of retail accounts, with almost 215,000 opened accounts. Five years ago, this number was around 53,000–54,000. We went pretty fast above the 100,000 mark and the 200,000 mark,” Hanga remarked.</p>
<p>The chairman also congratulated Autonom on its successful listing. This is the company's third bond issue. The first, worth EUR 20 million, was fully repaid this year. The second was the first sustainability-linked bond in Romania, attracting over EUR 48 million with a 4.11% coupon.</p>
<p>Company representatives and BVB officials rang the bell to start the trading day. Speaking for Autonom, co-founder Dan Ștefan said that each of Autonom’s listings came right before more volatility in the markets. “Today, the climate is more cautious,” he said. “For us, externally raised capital allows us to do business and add value in a sustainable fashion. This doesn’t just mean ESG policies, where we’ve shown performance, but also financial health. Financial health is priceless when facing shocks,” the company official added.</p>
<p>Dan Ștefan also detailed Autonom’s success in building an “antifragile company that develops in uncertain climates” through a stakeholder model that involves people across the company hierarchy.</p>
<p>The European Bank for Reconstruction and Development (EBRD), a major financial player in the Romanian economy, invested EUR 9 million in the current bond, another step in a relationship with Autonom that spans a decade.</p>
<p>Victoria Zinchuk, Country Director EBRD, highlighted that the Bank invested more than EUR 700 million in the Romanian economy through a landmark 44 transactions in 2024. She identified Autonom as an example for Romanian companies looking to thrive in market uncertainty. “Governance, innovation, digitalization, diversification of financing, and sustainable ways of doing business are all important. [...] We must recognize and celebrate this company’s success for the Romanian economy. It demonstrates that applying all these standards raises the bar and helps the Romanian business community succeed in the long run and improve Romania’s brand,” she said.</p>
<p>Adrian Tănase, CEO of BVB, congratulated Autonom for its bond and sustainability drive. “We hope to see an equity issuance on BVB as well,” he said at the end. Also present at the listing were representatives of Romania's Financial Supervisory Authority (ASF), BRD Groupe Société Générale, and BT Capital Partners.</p>
<p><em><a href="mailto:radu@romania-insider.com">radu@romania-insider.com</a></em></p>
<p><em>(Photo source: bvb.ro)</em></p>