Банкеръ Weekly



The first deal in mortgage bonds was closed on the Bulgarian Stock Exchange-Sofia (BSE-Sofia) on October 24. Fifty mortgage bonds of the first emission of the Bulgarian-American Credit Bank (BACB) were sold on the free bond market at EUR 1,018 apiece, up from the nominal value of EUR1,000 apiece. Only 20 days ago, on October 4, the BSE-Sofia gave a green light for listing the first issue of mortgage bonds in Bulgaria.The deal was brokered by East Finances, which hints that the Bulgarian Pension Insurance Company AD, which is a client of this finance house, has sold the bonds. No other deal in mortgage bonds has been closed on the BSE-Sofia so far, but the selling price is advantageous and reflects the accrued interest on the securities by the sale, with a little surplus. The realized 1.8% profit, just two months after the payment of securities, is a satisfactory yield for the investors. The three-year bonds worth EUR3,242MN bear an annual yield of 7.75% per cent, and payment will be effected each six months. The first payment is due on February 1, 2002.

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