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Bulgaria's TBI Bank issues second 10 mln euro bond

Dec 18, 2023, 10:51:23 AMArticle by Antonia Kokalova-Gray
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December 18 (SeeNews) - Bulgaria's TBI Bank said on Monday that it has issued an oversubscribed 10 million euro ($10.9 million) three-year bond, its second for 2023, amid strong investor interest.

Bulgaria's TBI Bank issues second 10 mln euro bond
Image credit: TBI Bank.

Investors subscribed for 100 unsecured, freely transferable, non-convertible securities of 100,000 euro in par value each, TBI Bank said in a press release. The bonds, with an annual coupon of 9.5%, mature on September 15, 2026.

"Due to the high interest, we had to prioritise individual professional investors over institutional ones," TBI Bank executive director Lukas Tursa said.

The funds raised from the transaction will be used to expand and develop the bank's trading activities, address overall liquidity needs, and fulfill the minimum requirement for own funds and eligible liabilities (MREL) regulations set by EU resolution authorities, TBI Bank added.

The lender will seek approval to list the bond on the regulated market of the Bulgarian Stock Exchange within six months of the date of issuance.

TBI Bank completed a separate 10 million euro bond issuance earlier this year, also under MREL regulations on capital requirements.

The lender was ranked 11th by asset size out of 24 banks operating in Bulgaria at the end of October, according to central bank data. TBI Bank also operates in Romania, Greece, Germany and Lithuania.

($ = 0.9158 euro)

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