Trading of Hepsor Bonds Began on the Baltic Bond List

As of 27 November 2025, the bonds of Estonian real estate developer Hepsor are listed on the Nasdaq Baltic Bond List. To mark the start of trading, the traditional opening bell was rung at the Nasdaq Tallinn office.

The total volume of Hepsor’s bond issuance is 8 million euros, with a nominal value of 1,000 euros per bond. The bonds offer a fixed annual interest rate of 9.5%, paid quarterly, and the redemption date is 26 November 2028.

Investor interest in the bonds was strong. The public offering attracted demand of 8.5 million euros, exceeding the initial 6-million-euro issue by 1.4 times. In total, 1,079 investors subscribed to the bonds.

“Four years after joining the Nasdaq Baltic equity list, Hepsor is now entering the bond market – demonstrating that the Baltic capital markets offer companies flexible financing solutions to support growth,” said Kaarel Ots, CEO of Nasdaq Baltic Exchanges and Nasdaq Tallinn. “The activity of the Baltic bond market enhances corporate funding opportunities and provides investors with attractive ways to diversify their portfolios and earn stable returns,” Ots added.

“We thank all 1,079 investors who subscribed to Hepsor’s bonds. For us, investor trust is just as important as capital itself – it reinforces our confidence that we are moving in the right direction and that our strategy and development portfolio are compelling,” emphasised Martti Krass, CEO of Hepsor. “Our goal is to continue growing and bring to market energy-efficient, higher value-added projects that create long-term value for both clients and investors. The bonds enable us to expand our investor base and increase visibility both in the capital market and the real estate development sector,” Krass added.

Hepsor AS is a residential and commercial real estate developer operating in Estonia, Latvia, and Canada. Over the past 14 years, the Group has developed 2,003 homes and nearly 44,787 m² of commercial space. Hepsor has been the first developer in the Baltic States to implement several innovative engineering and technical solutions aimed at improving the energy efficiency and environmental performance of its buildings. The company’s portfolio consists of 25 development projects with a total area of 178,200 m². In addition, the Group is involved in five projects in Canada, focusing mainly on zoning, detailed planning and increasing development potential.

Potos: Nasdaq