Bulgaria’s TBI Bank said on Monday that it has issued a 10 million euro ($10.9 million) bond that was 1.5 times oversubscribed.
The bank issued three-year unsecured, freely transferable securities of 100,000 euro in par value each, attracting as bondholders pension funds, asset managers, insurance and state-owned companies as well as individual serial investors, it said in a press release.
The bonds, with an annual coupon of 9%, mature in 2026, but TBI Bank has an option for an early repayment in 2025.
Due to the strong investor interest, TBI Bank may consider a potential additional offering from the same bond issue later this year.
The securities will be shortly listed for secondary trading on the Bulgarian Stock Exchange, following their recent registration by the financial markets regulator.
TBI Bank first announced the planned bond issuance in May, as part of a three-year programme totalling 20 million euro.
In Bulgaria, TBI Bank ranked 12th by assets at the end of April, the latest central bank data show. It also operates in Romania, Greece, Germany and Lithuania.
Source : See News
