EUROHOLD Bulgaria: successfully issued the first tranche under its EMTN programme

19 December 2016 —
eurohold1Following the approval of its Euro Medium Term Note Programme (EMTN Programme), EUROHOLD Bulgaria issued successfully the first tranche under the programme on December 15, 2016. The conditions of the first issuance are:
  • Size - 40,000,000 euro
  • Maturity - 5 years
  • Fixed coupon rate - 8% per annum
  • Minimum size of trading - 250,000 euro
London-based NOMURA International, Bulgaria-based EURO-FINANCE and Balkan Advisory Company IP EAD (BAC Securities) are joint lead managers of EUROHOLD Bulgaria's EMTN Programme and the first successful notes issuance under the programme. The note will be registered for trading on the Irish Stock Exchange on the December 22, 2016.

"The net proceeds would be used for financial support of our insurance holding - EUROINS Insurance Group, in order to further capitalize EIG's subsidiaries in the process of complying with the Solvency II EU Directive," Kiril BOSHOV, Chairman of Eurohold Bulgaria's Management Board, stated.

EUROHOLD is one of the first Eastern European companies that launched EMTN Programme. A base prospectus in relation with the establishment of the EMTN programme has been approved by the Central Bank of Ireland earlier this year.

The EMTN programme itself is not a fundraising process and only provides companies with the suitable infrastructure for fundraising purposes. It is a popular funding source for the corporate sector in the developed countries and allows bond issuers to enter foreign markets more easily to get capital. The EMTN programme provides the issuer with significant flexibility with reference to the terms of the bonds to be issued within the framework including the size of the bond issues, the interest rates, the maturity and etc.

About Eurohold Bulgaria AD

EUROHOLD Bulgaria is a leading Bulgarian company, listed on the BSE-Sofia and the WSE. The holding company operates across CEE and SEE, focused on non-banking financial services and asset management. EUROHOLD Bulgaria is a majority shareholder of Euroins Insurance Group (EIG), one of the largest independent insurance groups operating in the CEE and SEE insurance markets. EIG operates in seven European countries and owns insurance subsidiaries in four of them - Bulgaria, Romania, FYROM and Ukraine. The insurance group has been operating in Greece since 2014. It has over 2 million clients, 1600 employees and annual revenues of EUR 300 million.

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