Bonds
The most frequently mentioned topic category in 2025, just as in 2024. The largest spike in mentions occurred in May – 756 mentions. Interestingly, in May, the bond-related topics covered a wide range of companies without any significant concentration on any single company.
In media content, the topic of bonds appears mostly in a business context, making up roughly two-thirds of publications. News about financial-sector institutions and investment infrastructure (banks, the stock exchange, investors) accounts for roughly a fifth of publications, while publications related to specific corporate bond issues make up around 10%.
Bonds - 6805 mentions (2025)
Bonds – mention "peaks" (2025)
Share Issue, IPO
Share issue as a topic was mentioned 624 times in the media, while the next block – IPO or Initial Public Offering – was mentioned in 3,677 publications. This fact is particularly interesting because two-thirds of mentions are formed by one company – airBaltic. The past year has been, in aviation terminology, full of turbulence for this company. And already this year, announcing last year's results, it was quietly admitted what could have been predicted – the market entry is being postponed for now.
In 2025, corporate communication in the media included several thematic directions: IPO preparation and attracting investors (~30%), financial situation and financing needs (~25%), government and political discussions about the company's future (~20%), strategic partnership and investors (e.g., Lufthansa) (~15%), company operational development (fleet, routes, passengers) (~10%).
Overall, the airBaltic case in 2025 significantly influenced the thematic perception of IPOs in the public space, largely linking it with political discussions and the company's financial challenges.
Share issue – 624 mentions (2025)
IPO – 3677 mentions (2025)
Stock exchange listing
This block in 2025 consists of 3,408 mentions. Stock exchange listing in the media is a two-layered topic: simultaneously a policy discussion about state companies and a practical topic of corporate listing/investor attraction. Unlike the IPO, the political component here is much more pronounced and structures the entire narrative.
The block consists of five main thematic sections: the largest part is formed by political discussions on the possible listing of state companies, particularly regarding companies such as airBaltic, Latvenergo, and Latvijas valsts meži; this is followed by specific corporate listing plans and IPO preparation, where the airBaltic example dominates; the third section consists of broader analytical articles on capital market development and the investment environment, in which Nasdaq Riga and ALTUM are often mentioned; the fourth – financial sector and exchange infrastructure issues; while the fifth – international and Baltic context, including examples such as Ignitis Group, etc.
Stock exchange listing – 3408 mentions (2025)
Stock exchange listing – mention “peaks” (2025)
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.
Capital market
It is worth looking deeper into this block – the capital market in a broader sense. In 2025, it was mentioned in various ways in Latvian media 2,900 times. This theme mostly appears in the context of corporate fundraising and investor activity. Political discussions about the capital market form a relatively small but visible part of publications, and they are mainly related to capital market development policy and the potential involvement of state companies in the exchange.
One can assume that in this – a Saeima election year – discussions about going or not going to the exchange will gain even more emotional tones, and pre-election rhetoric dramas are guaranteed at least until October 3rd.
The development of capital market discussion in the public space is also one of the most important factors that can influence the market growth rate. Broader and more consistent communication can promote understanding and involvement of both entrepreneurs and investors, strengthening the role of the capital market in the Latvian economy.
Capital market – 2900 mentions
(2025)
Capital market mention “peaks” (2025)
