Банкеръ Weekly



After the lull accompanying the period around the parliamentary elections, trade in compensation instruments of payment gained speed again. Demand culminated on Monday and Tuesday when buyers, who became nervous as the terms for payment of installments on privatisation deals were pressing, raised the purchase price from BGL18 to BGL22 for BGL100 par. Contracts, however, were rare and, there were not many lucky sellers theerfore. Demand slowed down after that and quotations went back to 19-19.5% of the par value. Nevertheless, the so-called Luchnikovs are still demanded, probably by companies that are to sign contracts with the Privatisation Agency - for the purchase of several mines, for example.
The small, fragmented nominals, which are recently offered, is the main problem to the trade in compensation instruments. About 30 certificates should be collected in order to ask BGL600,000, leading brokers on the market comment. This problem might fade away when the compensation instruments are listed for trade on the stock exchange. Such a move is presently being prepares. Market demand currently stands at nominals worth several millions of levs. This, however, is due to the temporary peak of privatisation deals, which the present chiefs of the Privatisation Agency hurry to finalize.

Players on the market have been recently upset mostly by the pending temporary suspension of trade in these instruments of payment. Some of them believe that such a measure is not necessary at all, while the more extreme are of the opinion that such deals could be cancelled not for just one or two months, but even for half a year. The prevailing expectations are that the projecetd step should be made now in the summer when trade is compensation instruments is in a lull anyway, and there are no many privatisation deals. But the season of holidays is also characterized by a more sluggish administration. Moreover, it is probably not yet quite clear how the process of stpping the circulation of the paper in the Central Depository should be realized. Neither has it been clarified how the unification of the two kinds of these payment instruments - compensatory receipts and compensation bonds (issued in compensation to owners of agrilucltural land that cannot be restores to them) - will be practically effected.

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