Bulgaria
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The sovereign used a prospectus exemption regime for the first time
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CEEMEA borrowers have flooded back to the primary mart after a rally in US Treasury yields
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More CEE sovereigns are expected to issue new bonds
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Bankers see CEE new issues being put on hold
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The framework is expected to be compliant with the Covered Bond Directive
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Bulgarian animal healthcare company Huvepharma has become the latest casualty in an IPO market oversaturated with supply.
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The Baltic covered bond market is expected to take another stride forward with the advent of Latvia’s draft law, which currently is being debated in parliament. At the same time, the European Bank for Reconstruction and Development (EBRD) has been working closely with the Bulgarian, Croatian and Ukrainian authorities to help develop the basis for their own covered bond laws.
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The Republic of Bulgaria issued a €2.5bn dual-tranche bond on Tuesday to support its expanding state budget, following a raft of its regional peers which are responding to the Covid-19 crisis with substantial deals.
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The Republic of Bulgaria has mandated banks to arrange a dual tranche bond in euros, making it the latest sovereign to add to the swelling supply from the central and eastern European (CEE) region.
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The European Central Bank will begin supervising financial institutions in Bulgaria and Croatia from October 1, as the two countries prepare to join the euro. Firms entering the Banking Union for the first time will also fall under the Single Resolution Board’s remit for the minimum requirements for own funds and eligible liabilities (MREL).
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Southern Eastern European telecoms group United Group, a BC Partners and KKR portfolio company, is preparing an all-bond financing package for its takeover of Bulgaria’s Vivacom, marketing new senior secured bonds and an add-on to its existing 2025 PIK notes.