Банкеръ Weekly



On December 23, the last working day before the Christmas holidays, First Investment Bank (FIB) launched its second issue of mortgage bonds on the stock exchange. The securities are worth a total of EUR5MN and yield a 7% annual interest, payable each six months. The first payment is due on May 12, 2004 and the last one - on November 12, 2008 when the bonds mature and the principal should be paid off. The issue includes 5,000 mortgage bonds of EUR1,000 par bond. The high par value defines their orientation to big institutional investors. By its new issue FIB resumes its presence on the Bulgarian capital market. The bank had temporarily withdrawn from it after its first mortgage bonds matured on October 25. They were also worth a total of EUR5MN, but with a shorter term of maturity - 3 years, and a higher interest rate - 7.8 per cent. The bank's two issues - of October 25, 2001 and November 12, 2003 are for the time being its only issues intended for the domestic market. FIB is the single Bulgarian credit institution whose bonds are listed on an international capital market, at that in Luxembourg, which is the European Mecca of trade in debt securities. About three months ago - On September 29, FIB concluded the primary offering of its eurobonds on the Luxembourg Stock Exchange. The issue was worth EUR40MN, maturing in three years and with an 8% interest coupon. The primary offering of eurobonds was lead-managed by DrKW through its London representative office.

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