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19.10.2017

The World Bank raises Bulgaria's 2017 real GDP growth forecast to 3.8%

The World Bank has raised Bulgaria’s 2017 growth forecast to 3.8% from 3.0% previously due to improving domestic demand which outweighs the diminishing contribution of net exports. Household consumption is forecasted to expand on the back of further improvements in labor market and credit cond...

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19.10.2017

Francisco Partners acquires the Bulgarian Dynamo Software

The US private equity firm Francisco Partners will acquire the Bulgarian IT company Dynamo Software, Capital daily reported. The price of the deal is USD 50m, USD 10m of which are for the current employees of the company. Dynamo software is a provider of configurable, cloud-based investment manageme...

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19.10.2017

Trace Group Hold signed a BGN 1.4m contract for construction of an overpass and a reconstruction of a subway (POSITIVE)

Trace Group Hold signed a BGN 1.4m (no VAT) contract with Ruse municipality for construction of pedestrian overpass connection and a reconstruction of a subway. The completion term is 360 days while the financing is from the project “Integrated scheme for the city transport Ruse”.

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18.10.2017

Bulgaria’s 8-mo’17 CA surplus at 4.6% of the GDP

Bulgaria’s 8-mo 2017 current account came to a surplus of EUR 2 315.5m (4.6% of the expected 2017 GDP*) vs. a surplus of EUR 2 237.6m (4.6% of the GDP) for the year-ago period. The January-August trade deficit was EUR 1 427.2m (2.8% of the GDP), compared to a deficit of EUR 689.3m (1.4% of the...

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18.10.2017

The vouchers scheme for covering IPO cost to start in November

The application process for the vouchers for covering IPO cost to start in November. The individual financing is BGN 50k while the budget of the scheme is for €2m. The scheme is financed by the OP “Innovation and competitiveness” with an aim is to encourage small and medium enterpri...

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17.10.2017

Yuri Gagarin to sell a building for BGN 7.9m (NEUTRAL)

The Board of Directors of Yuri Gagarin has decided to sell part a building with built-up area of 3 575 sq.m. used as a logistics warehouse for BGN 7.9m. The building is situated on 15 646 sq.m. land plot in Sofia. Please recall that the area was acquired in 2015 with the aim of becoming a logistics ...

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16.10.2017

The unemployment rate down 0.2 p.p. MoM to 6.5% in September’17

September’17 unemployment rate declined by 0.2 p.p. MoM and by 1.3 p.p. YoY to 6.5%, according to the National Employment Agency. A total of 213 307 unemployed were registered at the end of the month, which is 5 129 less compared to August’17 and 42 159 less YoY. The number of people who...

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16.10.2017

The new passenger car registrations up by 18.4% YoY in September’17

The new passenger car registrations in Bulgaria increased by 18.4% YoY to 2 542 units in September’17, according to data from the European Automobile Manufacturers Association (ACEA). The total YTD new passenger cars registrations grew by 18.1% YoY to 22 098, vs 3.7% average annual growth in t...

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16.10.2017

Advance Terrafund sold 17 daa agricultural land in September’17 (NEUTRAL)

Advance Terrafund REIT sold 17 daa agricultural land in September 2017. The YTD sales reached 14 414 daa, 5 169 daa of which under deferred payments scheme, at an average price of BGN 1 450 per daa. The fund acquired 596 daa agricultural land during the month, whereby the YTD purchases totaled 3 150...

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13.10.2017

HICP inflation down 0.2% MoM and up 1.3% YoY in September’17

Bulgaria’s August’17 harmonized consumer price index /HICP/ decreased by 0.2% MoM. The HICP was pulled down by the 3.7% decline on monthly basis of ‘Recreation and culture’ prices and the 3.3% decline of ‘Restaurants and hotels’ prices. The prices of food and non-...

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12.10.2017

BNB lowers interest on excess banks reserves to -0.6%

The Bulgarian National Bank (BNB) lowered further its sub-zero rate on banks minimum reserve requirements by 20bps to -0.6%. This might, however, pose challenges to banks, which will have to find other alternatives to place their excess liquidity. Up until now, BNB has followed ECB negative interes...

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12.10.2017

Energo-pro bondholders approved an additional call option and EUR 350m corporate guarantee (NEUTRAL)

The bondholders of Energo-Pro approved the incorporation of an additional call option, which the company would be able to exercise until 31 Dec’17 at 101.5% of the par value, plus the accumulated interest from 8 Nov’16. In addition the bondholders have given green light on the proposal t...

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11.10.2017

Tourist revenue up 8.3% YoY in August; overnight stays increase 1.9%

The overnight stays in Bulgarian hotels reached 5 946k in August’17, up 1.9% compared to August’16. The revenue from overnight stays increased by 8.3% YoY, reaching BGN 323.7m, as the revenue from foreign and Bulgarian tourists both advanced by 9.3% YoY and 4.0% YoY, respectively. The to...

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11.10.2017

FSC issued a temporary ban on TBI Bulgaria tender offer for Bulstrad VIG at BGN 44.78 per share (NEUTRAL)

The Financial Supervision Commission issued a temporary ban on TBI Bulgaria squeeze out offer for the uncontrolled 10 000 Bulstrad VIG shares (0.32%) at BGN 44.78 per share. Please recall, that TBI Bulgaria has already made a tender to the minority shareholders of Bulstrad Vienna Insurance Group a...

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11.10.2017

Allterco finalized the acquisition of Allterco Properties (NEUTRAL)

The local mobile services and IoT developer Allterco finalized the acquisition of 100% of the newly founded SPV Allterco Properties. Please recall that the company signed a preliminary acquisition contract with JAFC Developments earlier this year. The share capital of the SPV is contributed in kind ...

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10.10.2017

IMF raises Bulgaria 2017 real GDP growth forecast to 3.6%

The International Monetary Fund has raised Bulgaria’s 2017 growth forecast from 2.9% to 3.6%, following the recent update of the GDP forecast of the Ministry of Finance to 4.0% (from 3.0%). The growth is expected to slow down again to 3.2% in 2018. The current account surplus as percentage of ...

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10.10.2017

Bulgaria’s August trade balance at a deficit of BGN 357.4m

Bulgaria’s August’17 exports (FOB) to third countries increased by 3.3% YoY to BGN 1.4bn and the imports (FOB) were up 11.9% YoY to BGN 1.7bn. At the same time, the exports to the EU grew by 9.4% YoY to BGN 2.9bn, while the imports added 13.6% YoY to BGN 3.0bn. As a result, the total Aug...

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10.10.2017

Monbat starts offering of €30m corporate convertible bond (NEUTRAL)

Monbat announced the start of the public offering of 30 000 dematerialized, interest-bearing, convertible, freely transferable, unsecured bonds with par value of €1 000 each and total issue value of €30m. The bond will bear a floating annual interest of 6-month EURIBOR + 3%, but not less t...

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09.10.2017

Industrial output up 0.4% MoM and 4.9% YoY in August’17

Bulgaria's industrial production index increased by 0.4% on a monthly basis in August’17, after being up 0.2% MoM in July, according to preliminary data of the National Statistics Institute. The working day adjusted index added 4.9% YoY. On a monthly basis, the production in the mining & q...

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09.10.2017

August’17 retail trade up 0.4% MoM and 3.0% YoY

August’17 seasonally adjusted turnover in the retail trade (excluding motor vehicles and motorcycles) increased by 0.4% MoM and the working day adjusted retail trade turnover grew by 3.0% YoY. The highest monthly increase was accounted in the retail sale via mail order houses or via Internet, ...

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