Банкеръ Weekly



The bond issue of Overgas Inc is already accessible for all who want to play on the stock exchange. As of March 19 it is offered for sale on the official capital market. Investors may buy at least 10 bonds of BGN100 par value. Thus, the minimum amount they could invest is BGN1,000.The 5-year issue, with 10% annual interest, worth BGN20MN, is the biggest corporative bond loan, ever issued in Bulgaria. The annual yield is 10 per cent. The securities of BGN100 par value were issued at BGN101.50/par bond. Thus, they actually bear a 9.6% yield.The subscription for the primary offering of the corporative bond loan completed on February 21 when the entire issue was sold out. The greatest credit for the successful marketing of the issue goes to the Russian bank Sovintrade Commercial Bank - Perm (Gazprom holds 34% of it), which purchased bonds for BGN17,292,000. The other bond holders of Overgas Inc that made subscriptions of BGN500,000 each are: Doverie Additional Pension Insurance Fund - with subscribed bonds worth BGN750,000, Allianz Additional Pension Insurance Fund, the investment underwriter Karol (which was in the group of mediators, chosen to market the issue), and United Bulgarian Bank (UBB). The pension insurer Saglasie purchased bonds worth BGN250,000 and Sofia Municipal Bank bought paper worth BGN150,000. East Finances - the leader of the bond's underwriters - participated by BGN42,000 and Union Bank - by BGN15,000.According to Stefan Stefanov from East Finances, the bonds are attractive and will provoke a great interest, which will result in a busy secondary trade in them on the capital market.

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