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14.10.2019

Sep’19 HICP falls 1.2% MoM and gains 1.6% YoY

Bulgaria’s Sep’19 harmonized consumer price index /HICP/ dropped by 1.2% MoM, which reduced the YoY inflation to 1.6%. The prices of food and non-alcoholic drinks, which have the largest weight in the index, increased by 0.6% MoM (+4.3% YoY). The aggregates for utilities also rose by 0.2...

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11.10.2019

CPC opens in-depth probe into Eurohold - CEZ deal (NEGATIVE)

The Competition Protection Commission has launched an in-depth probe of the EUR 335m sale of CEZ a.s. Bulgarian assets to Eurohold Bulgaria, the competition authority announced. The main reason for the move is that Eurohold is a leader on the Suretyship Insurance market with 42.64% market share in t...

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11.10.2019

Expat Bulgaria Short SOFIX gets a license from FSC

The Financial Supervision Commission approved the prospectus for the IPO of Expat Bulgaria Short SOFIX. This is the first short fund in Bulgaria and it will “rent” shares of the 15 companies in SOFIX from investors willing to give their shares in exchange for interest payments. Accordi...

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10.10.2019

Aug’19 trade balance turns positive; 8-mo period deficit narrows

According to preliminary data, Aug’19 foreign trade with third countries resulted in a trade surplus of BGN 59.1m, as exports (BGN 1.6bn) increased by 13.4% YoY and imports fell by 22.8% YoY to BGN 1.5bn. Bulgaria’s YTD exports (FOB) to third countries increased by 4.3% YoY to BGN 12.1bn...

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10.10.2019

Aug’19 revenue in tourism surges by 8.6% YoY; overnight stays increase 5.4% YoY

Overnight stays in Bulgarian hotels were 6.4m in Aug’19, 5.4% higher YoY. The most significant increase was registered in 1 and 2-star accommodations (6.5%). Monthly revenue rose by 8.6% YoY and amounted to BGN 377.8m, as the proceeds from Bulgarian tourists and from foreign visitors advanced ...

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09.10.2019

Aug’19 industrial production decreases 0.1% MoM; loses 1.3% YoY

According to preliminary data by NSI, after the increase in July, Bulgaria's industrial production index went down again by 0.1% MoM in August. The working day adjusted index fell by 1.3% YoY. On a monthly basis, the production in the mining & quarrying sector lost 6.6% (-1.3% YoY), while that i...

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09.10.2019

Aug’19 construction production decreases by 0.2% MoM but gains 3.4% YoY

Bulgaria's Aug’19 construction production index lost 0.2% MoM, which was its first monthly drop since May’19. On the other hand, the working day adjusted index rose by 3.4% YoY. On a monthly basis, the production in building construction grew by 0.8%, while the index for civil engineeri...

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09.10.2019

Aug’19 retail trade down 0.3% MoM, grows 2% YoY

The Aug’19 seasonally adjusted turnover in retail trade (excluding motor vehicles and motorcycles) fell slightly by 0.3% MoM but still gained 2% YoY. On a monthly basis, the most significant losses were reported in computers and telecommunications equipment (-3.4% MoM; +2% YoY) and online reta...

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09.10.2019

In case of a deal, Eurohold will invest BGN 530m in CEZ domestic assets (NEUTRAL)

At yesterday’s press conference, Eurohold Bulgaria confirmed again that the financing for CEZ deal has been secured. On top of that, the management said to have secured financial resources for a tender offer to minority shareholders and for future investments. The financing would most likely c...

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08.10.2019

BACB becomes a sole owner of Paytech (NEUTRAL)

Bulgarian-American Credit Bank signed a contract with the other owner of the company, Bulgarian Telecommunication Company, to acquire its 50% interest in Paytech. Paytech was established in the beginning of the year as a joint-venture investment between BACB and BTC with BGN 1m equity, with main p...

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07.10.2019

Bulgaria placed BGN 69.2m of 20yr government bond issue at 1.38% yield

The Ministry of Finance reopened 20yr BGN-denominated government bond issue maturing on 21 June 2039. BGN 95m of the securities was offered at the auction and the total bids amounted at BGN 132.3m which corresponds to a bid-to-cover ratio of 1.39. The Ministry placed BGN 69.2m at a weighted average ...

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07.10.2019

Sopharma Sep’19 revenue surges by 31% YoY, YTD sales also increase by 2% (POSITIVE)

Sopharma’s unconsolidated Sep’19 sales rose by 31% YoY, reflecting a 5% decrease in domestic sales and a 66% surge in exports. This is the first positive YoY change in sales since Jun’19 and it was enough to compensate for the slow months before that. 9-mo revenue also went up by 2...

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07.10.2019

CEZ Bulgarian assets won’t be for sale in case of a deal blockage (NEUTRAL)

According to SeeNews, citing a spokesperson by the Czech energy group CEZ, the latter will not proceed with the divestment of its assets in Bulgaria if the Bulgarian authorities block the sale for a second time. Should this happen, the companies will continue to operate as they have done so far. Rec...

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04.10.2019

Sopharma Properties’ new issue listed on BSE (NEUTRAL)

The company’s newest shares, 462k from a capital increase, were registered on BSE and will be tradeable as of October 7th (Monday).

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03.10.2019

CPC starts approval procedure of Eurohold – CEZ deal (NEUTRAL)

The Competition Protection Commission has started reviewing the EUR 335m sale of CEZ a.s. Bulgarian business to Eurohold. Eurohold has established a new Dutch-based company, Eastern European Electric Company B.V., which will operate as a Eurohold’s subholding and will take over the operations ...

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03.10.2019

Korado buyback to be in the BGN 5.24-5.57 range (NEGATIVE)

Korado EGM’s resolution was registered with the Commercial Registry on 3 October. According to the resolution, the company would buy back 12k shares as part of employee compensation scheme. The price range will fall between 80% to 85% of the last price at the date before the EGM’s resolu...

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02.10.2019

2020 budget envisions 10% increase of state employees’ salaries

10% increase of salaries in the public sector and sticking to the strategy for doubling the teachers’ salaries are the two certain objectives in the 2020 budget framework, the Finance Minister announced. The framework would be ready by the end of October. On the same note, the Social Minister ...

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01.10.2019

End-August budget surplus narrowed to BGN 1.1bn; September expected to stand at BGN 1.3bn

The Ministry of Finance announced 1 112.6m surplus on the consolidated fiscal program (CFP) as of August 31, 1% of the forecast GDP*. The CFP revenues and grants as of Aug’19 stand at BGN 29 305.8 million, or 66.8% of the annual estimates. Compared to the same period of the previous year, tax ...

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01.10.2019

Ministry of Finance reopens 20-year treasury bond

The Bulgarian National Bank (BNB) will auction BGN 95m, 20-yr government securities on October 7. The sovereign debt issue with 1.5% coupon will be reopened for the fourth time. Please recall that in Jun’19 BGN 100.6m were placed at 1.6% yield (151 bps spread to the German Bunds), in Jul&rsquo...

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01.10.2019

IHB buys back 1m shares in September (NEUTRAL)

Industrial Holding Bulgaria bought back 1 057 822 shares in September, which is 3.3x more than the biggest buyback so far, which was a year ago, in Sep’18. The average price was BGN 0.9999, representing 2% discount to the weighted average price, reported on 30th of September. The number of rep...

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