BULGARIA INVEST WILL ISSUE MORTGAGE BONDS WORTH EUR5MN AT LEAST
At their annual meeting on March 12 the shareholders of BULGARIA INVEST commercial bank voted for launching an issue of mortgage bonds, worth up to EUR7MN. It will be regarded as successful if subscriptions for it amount to EUR5MN at least. The 3-year bonds will be with 6-month interest coupons and will bear an interest of 5.5%-6.5 per cent. As the issue is short-term, I expect the yield to be at the lower interest levels, the bank's Executive Direcor Dimiter Kostov told the BANKER weekly. The issue is intended for institutional investors. The memorandum will be ready by end-March, and subscription will be accepted in the financial institution's head office from April 21 till March 21.The commercial bank posted a BGN2,922,000 profit for 2002. BGN1,141,000 of it will go to the Reserve Fund and the balance will be set aside as undistributed profit. In 2002 the bank's assets increased by 50% from the previous year, reaching 272MN. BULGARIA INVEST holds almost 44% of the money attracted in the bank sector and manages financial assets of more than BGN103MN. Its credit portfolio exceeds BGN86MN, which is 32% of the bank's balance sheet figure.