Share issue
Of all the topic blocks analysed, bonds are mentioned most frequently in the media – from 2021 to 2024, this topic appeared in 18,870 media materials, with almost a third of them (6,354 publications) during the past year.
The most frequent mentions concern the issuance of government bonds, especially at the start of 2024 and subsequently during the autumn, as well as the widely discussed debates in the public space about the national airline airBaltic's bond issue in May 2024.
In addition, a significant proportion consists of regular news about companies that are already active in the capital market that use bonds as a financing instrument to facilitate their strategic development. Examples worth highlighting include both state-owned companies, such as Latvenergo, and private companies that see growth potential in the market.
A separate topic is also the national debt and borrowing in international financial markets, in the context of which bonds are also often mentioned.
Capital market
Although the capital market is mentioned less frequently as a topic in the media than bonds, Nasdaq Riga, or stock exchange listing, it is an important indicator for discussions and for building public understanding of more complex financial instruments.
From 2021 to 2024, the capital market was mentioned in 14,934 media materials, of which 2,978 appeared in 2024. Although there is a slight nominal decrease, structural changes must be factored in – since 2023, the Financial and Capital Market Commission (FKTK) has been integrated into the structure of the Bank of Latvia, thus affecting the classification of media mentions.
In the analysis, although materials that exclusively mentioned the FCMC as an institution were separated, in many cases, it was precisely the supervision and development of the capital market that the FCMC talked about in the media space.
Stock Exchange Listing
It is often asserted that one can watch water flow and fire burn forever, and, likewise it would appear, the manner in which stock exchange listings are discussed in Latvia. Stock exchange listing is one of the longest-discussed aspects of the Latvian capital market. In the public space, it is reminiscent of an age-old million-dollar question: what can one do to induce businesses to use the opportunities offered the stock exchange more actively.
Accordingly, as a topic, a stock exchange listing was mentioned in 11 632 media materials, of which 3135 mentions were in 2024.
In the context of stock exchange listing, several thematic blocks can be highlighted including the placement of various types of securities on stock exchanges, discussions about the airBaltic IPO, as well as the listing of TET and LMT, especially in connection with the state's negotiations with the co-owner Telia.
From time to time, Government officials publicly posit questions about stock exchange listing, asserting the readiness to see state and municipal companies listed on the stock exchange for the twin purposes of attracting capital and providing members of the public with opportunity to become co-owners in state enterprises. To date, although this intention has been expressed both in public statements and in policy planning documents, little or no tangible progress has actually been made in implementing this commitment in practice. However, as they say, warmth comes with heating, and good things come to those who wait. Perhaps this subject has been discussed for so long that practical steps are finally about to begin.
