Ring-The-Bell on the Bulgarian Stock Exchange

Today, September 1, in the building of the Bulgarian Stock Exchange in Sofia, an official ceremony "Ring-The-Bell" took place, marking the listing of the Bulgarian bonds issuance of the International Bank for Economic Co-operation (IBEC). Denis Ivanov, Chairman of the IBEC Board, gave a start to the stock exchange session by symbolically ringing the stock exchange bell together with the Deputy Minister of Finance of Bulgaria and the head of the Bulgarian delegation to the IBEC Council, Monika Dimitrova-Beecher, and Deputy Chairman of the Board of Directors of the Bulgarian Stock Exchange Vasil Golemanski.

Bonds of IBEC with a maturity of 3 years were placed at the beginning of June this year. The volume of the issue was BGN 68 million, with a coupon of 1.15% and income payment every six months. IBEC became the first international financial institution (IFI) based outside the European Union to issue bonds on the Bulgarian market in national currency and in accordance with local legislation, and only the second IFI to issue bonds in Bulgarian leva.

The issue, organized by the local subsidiaries of Raiffeisen and UniCredit banking groups (Raiffeisenbank (Bulgaria) EAD and UniCredit Bulbank AD, respectively), was successfully placed both among banks and asset managers, and among pension funds, which, due to changes in legislation, that happened in early 2020, were able to buy IBEC bonds. The funds raised were mainly used by the Bank to support projects in the Bulgarian and Central European markets in accordance with its new strategy. Among the priorities of the IBEC are the Sustainable Development Goals, "green" economy, small and medium-sized businesses and socially significant infrastructure.

“We are very glad to welcome a financial institution of such scale and regional importance as IBEC. We are pleased to see that the investors’ interest towards the issue reflects the confidence that they have in IBEC to deliver on its commitment to sustainable development of the member states”, – said Vasil Golemanski.

In his welcoming speech, Chairman of the IBEC Board Denis Ivanov emphasized the importance and significance of the bonds listing: “The «Bell» that sounded today announced our next step. I am sure that the start of trading bonds on the Bulgarian Stock Exchange will support the high interest from Bulgarian investors. This will give us new opportunities for even more active participation in the development of the Bulgarian economy".

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