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20.02.2020

2019 current account surplus reaches 9.7% of GDP on improvement of both trade and services

Dec’19 current account balance was positive at EUR 24m bringing 2019 figure to EUR 5.9bn (9.7% of GDPe*), up by 96.6% YoY. 2019 exports grew 4.1% YoY to EUR 28.9bn, while imports during the same period declined by 2% YoY to EUR 29bn, resulting in EUR 128m trade deficit (0.2% of GDP; 2018 trade...

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19.02.2020

Fibank has covered over 70% of the EUR 263m additional capital buffer

First Investment Bank has adopted an internal program in order to address the results of the asset quality review and the stress test, the CEO of the Bank Nedelcho Nedelchev shared in an interview. As of the end of 2019, Fibank has implemented measures, covering over 70% of the additional capital bu...

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19.02.2020

TBSG files a supplement to its IPO prospectus; TBS signs a public procurement contract (NEUTRAL)

Telelink Business Services Group (TBSG) announced it is preparing a supplement to the prospectus for public offering of its shares as per the requirements of the Financial Supervision Commission (FSC). The supplement will hold information regarding the preliminary 2019 results and the expected divid...

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18.02.2020

FSC approved the prospectus of Allterco (NEUTRAL)

The Financial Supervision Commission approved the capital increase prospectus of Allterco. Management expects to kick off the offering beginning of March. The latter will issue up to 3 000 000 ordinary shares at with nominal value of BGN 1.00 and issue price of BGN 3. The purpose of the capital ra...

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18.02.2020

The new passenger car registrations up by 0.1% YoY in Jan’20

The new passenger car registrations in Bulgaria increased by 0.1% YoY to 2 347 units in Jan’20, according to data from the European Automobile Manufacturers Association (ACEA). This compares to a 7.5% decline for the EU*. *Data for Malta n.a.

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17.02.2020

Advance Terrafund sells 214 daa in January (NEUTRAL)

Advance Terrafund REIT didn’t purchase new land in January. In the meantime, the fund sold 214 daa at BGN 1 700/daa under an instalment payment scheme. The land portfolio amounted to 222 705 daa. The expected revenue for the 2019-2020 agricultural year decreased negligibly to BGN 6 533k. Curre...

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14.02.2020

Bulgaria’s flash Q4’19 GDP grows by 0.7% QoQ and 3.5% YoY

According to flash estimates of NSI, Bulgaria’s seasonally adjusted Q4’19 GDP grew by 0.7% QoQ and 3.5% YoY to BGN 32.4bn (current prices), while the seasonally adjusted GVA added 0.6% QoQ and 3.1% YoY to BGN 28.1bn. The quarterly final consumption increased (BGN 25.3bn) by 5% YoY (+0.6%...

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14.02.2020

Jan’20 HICP adds 0.5% MoM and 3.4% YoY

Bulgaria’s Jan’20 harmonized consumer price index /HICP/ added 0.5% MoM, while YoY inflation stood at 3.4%. Average annual HICP for the last 12 months was 2.5%. The prices of food and non-alcoholic drinks, which have the largest weight in the index, increased by 2.4% MoM (+7.5% YoY). The...

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13.02.2020

EC forecasts Bulgaria’s economy growth to slow down to 2.9% in 2020 and 3.1% in 2021

The European Commission (EC) projects GDP growth rates for Bulgaria of 2.9% in 2020 and 3.1% in 2021. The forecast is based on expectations of a lower employment growth, which would lead to a decline in final consumption’s contribution to economic expansion. Furthermore, the EC expects stronge...

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13.02.2020

FSC temporarily bans Rodna Zemya’s tender offer (NEUTRAL)

The Financial Supervision Commission (FSC) has prohibited Nevena EOOD from publishing its tender offer for Rodna Zemya Hold’s shares for an unknown period. Please recall that at the beginning of the year, Nevena EOOD increased its stake in the company from 29.115% to 42.615%. After that it has...

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13.02.2020

Bravo Properties shareholders to vote on DPS of BGN 0.0419 (POSITIVE)

Bravo Properties REIT shareholders to vote on DPS of BGN 0.0419 (90.3% payout; 3.8% yield). AGM is called for March 24. Distributable profit was BGN 1.7m, above the BGN 1.4m expected during the IPO. Weighted Average Unexpired Lease Term is 5.68 years as of January 1, 2020 and the average rental r...

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12.02.2020

Fibank’s audit with insignificant changes to preliminary results

The audit of First Investment Bank 2019 unconsolidated financials increased tax cost by the insignificant BGN 41k thus slightly reducing net income compared to preliminary announcements. 2019 Fibank’s gross loan book added 0.2% YoY to BGN 6.3bn, despite the sale of BGN 0.5bn NPL’s port...

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12.02.2020

IHB establishes another ship design subsidiary (NEUTRAL)

Industrial Holding Bulgaria (IHB) announced that it has added a new company to its portfolio – the recently established company IHB 3Design. The Holding had subscribed 51% of its BGN 100k share capital, thus gaining control. The rest of the share capital was acquired by 2 individuals. The acti...

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11.02.2020

Dec’19 revenue in tourism gains 7.2% YoY with overnight stays advancing 2.3% YoY

Overnight stays in Bulgarian hotels increased 7.2% YoY and reached 905.2k in Dec’19. The most significant increase was registered again in 4 and 5-star accommodations (+11% YoY). Monthly revenue grew by 8.1% YoY and amounted to BGN 52.3m, as the proceeds from Bulgarian tourists advanced by 9.8...

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11.02.2020

Doverie‘s Moldovian subsidiary no longer on “early intervention regime” (NEUTRAL)

According to the National Bank of Moldova (NBM), Doverie United Holding’s subsidiary, Moldindconbank, has proven to be one of the most reliable and efficient banks of the Republic of Moldova. That is why the Executive Board of the NBM has decided, unanimously, to lift the early intervention re...

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10.02.2020

Dec’19 trade balance turns negative; full year 2019 trade deficit shrinks in half YoY

According to preliminary data Dec’19 foreign trade with third countries resulted in a trade deficit of BGN 157.7m, despite exports’ (BGN 1.6bn) 2.8% YoY growth and imports’ (BGN 1.7bn) decline of 4% YoY. Bulgaria’s 2019 exports (FOB) to third countries increased 4.4% YoY to ...

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10.02.2020

Bulgaria places another BGN 200m of 5-year government bond issue at 0.14% negative yield

The Ministry of Finance reopened a 5yr BGN-denominated government bond issue maturing on 15 January 2025. BGN 200m of the securities were offered at the auction and total bids amounted to BGN 341m which corresponds to a bid-to-cover ratio of 1.71. The Ministry placed BGN 200m at a negative weighted ...

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10.02.2020

Dec’19 retail trade adds 0.4% MoM and 5.4% YoY

Dec’19 seasonally adjusted turnover in retail trade (excluding motor vehicles and motorcycles) gained 0.7% MoM and YoY positive change stood at 5.4%. On a monthly basis, the most significant gains were reported in medical and cosmetic goods (+6.2% MoM; -0.5% YoY), automotive fuel (+4.7% MoM; -...

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10.02.2020

Dec’19 construction production index loses 0.7% MoM and YoY

Bulgaria's Dec’19 construction production index fell 0.7% MoM, which, according to seasonally adjusted data, is the third consecutive month of drop for the index. As a result, the working day adjusted index lost by 0.7% YoY. On a monthly basis, the production in building construction lost 1.4%...

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10.02.2020

Dec’19 industrial production falls 1.8% MoM and 1.5% YoY

According to preliminary data by NSI, Bulgaria's industrial production index dropped 1.8% MoM in December. The working day adjusted index fell 1.5% YoY. On a monthly basis, the production in the mining & quarrying sector gained 4.1% (+4.6% YoY), while that in manufacturing shrank 2.3% (-0.1% YoY...

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