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Bulgaria's TBI Bank raises 20 mln euro in bond sale

Jun 25, 2024, 1:06:46 PMArticle by Mihaela Miteva
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June 25 (SeeNews) - Bulgaria's TBI Bank said on Tuesday that it has raised 20 million euro ($21.5 million) in a placement of a 30-month corporate bond issue.

Bulgaria's TBI Bank raises 20 mln euro in bond sale
Image credit: TBI Bank.

Demand for the bonds exceeded supply, which allowed the issue to reach the upper end of its target range of 10 to 20 million euro, making it TBI's largest bond placement so far, the bank said in a press release.

The bonds have an annual coupon rate of 9%, due quarterly, and will mature in 2026. The bank has the right to redeem the issue one year before maturity.

"We are happy to see increased interest from all types of investors who appreciated our efforts to offer them a flexible instrument and an excellent risk-return opportunity. The new bond will support our continued above-market growth and strengthen our position in terms of regulatory requirements," TBI Bank CEO Lukas Tursa said.

The raised funds will go towards expanding and developing the bank's commercial activities, as well as meeting general liquidity needs and the minimum requirements for own funds and eligible liabilities, the lender said earlier.

In the last three years, TBI has raised a total of 50 million euro through the issue of corporate bonds. The latest bond placement, the bank's third within a year, will start trading on the Bulgarian Stock Exchange next month.

($ = 0.932 euro)

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