Банкеръ Weekly



On November 17 TBI Credit EAD launched the first issue of secured corporate bonds in Bulgaria. The 3-year bond loan of the leasing company is worth BGN8MN, bearing a 7.50% yield, payable twice a year. The issue and par value of the paper is one and the same - BGN1,000/piece. Only institutional investors had access to the primary offering of the securities. The issue was managed by Biochim Commercial Bank and TBI Invest. It was entirely sold out on the very first day. Within a month the bonds will be put up for trade on the stock exchange and will be available for anyone who wants to purchase them. The company has ensured to its bondholders a trustee in the person of BULBANK. As a trustee the bank is obliged to protect their interests and attend to the quality of security of their paper. The corporate bond issue has been secured by receivables of TBI Credit under leasing contracts and contracts for financing, which exceed the worth of the issue by 15 per cent. For investors' additional security the company's receivables amounting to BGN650 on average and with an average duration of 12 months, have been insured against financial risks. This is the second bond issue of TBI Credit. The first one, worth EUR3MN, was also successful. The issue was launched on March 24, 2003 and sold out within four days. The 2-year debt securities of BGN1,000 par bond bear a 6.5% annual yield. As of the beginning of June 2003 the paper is traded on the floor of the stock exchange. The principal and the insurance payments of the company's first bond issue have been insured by the insurance and reinsurance company Bulstrad.
TBI Credit EAD is owned by TBI Financial Services. The company holds half of the consumer leasing market of household electric appliances, audio and video equipment.

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