Bulgaria
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Lower demand for a longer tranche was a reflection of market conditions, said one banker -
Orders for dollar tranche were more than $4bn, euro orders even higher
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Other CEE sovereigns have secured arbitrage by printing in dollars
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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.
