The Bulgaria Financial Supervision Commission (FSC) approved the prospectus for the admission to trading of a TBI Bank EAD bond issue and entered the issuance in the register of public companies and other issuers of securities. The FSC also issued a licence to Manikyan Capital AD (in the process of establishment) to operate as a management company and took several fit-and-proper decisions across insurance companies and an investment intermediary. The TBI Bank issue totals EUR 34,000,000 and comprises 340 registered, dematerialised, non-convertible, non-preferred, unsecured bonds (ISIN BG2100003255) with a nominal value of EUR 100,000 each, a fixed annual coupon of 7.60% paid every six months, and principal repayable at maturity. The bonds have a 42-month term with issue date 07.03.2025 and maturity date 07.09.2028, and include an issuer call option one year before maturity, plus a tax call and a call option in case of disqualification as an instrument of eligible liabilities under Chapter XIII, Section II of the LCIPII. On governance approvals, the FSC cleared Fernando Lozano and Maruquel Vega for the Supervisory Board of BARENTS INSURANCE EAD, and Antonio Valenzuela and Alexander Gospodinov for the Management Board and as executive directors, while refusing to approve Gonzalo Sanchez as a board member and executive director; it also approved Kamen Kazankin to head the internal audit function at DZI – GENERAL INSURANCE EAD and DZI – LIFE INSURANCE EAD, Stanimir Vassilev as a board member and executive director of INSTINCT INSURANCE COMPANY AD, and Maria Georgieva as a board member of Intercapital Markets AD. Separately, the FSC sent a letter to Up Trend Ltd. requesting additional information and documents relating to a change in passporting notification data for providing services without establishing a branch in Lithuania, Latvia, Estonia, Italy, Germany, France, Spain, Portugal, Poland, Austria, the Netherlands, Sweden, Denmark, Finland, Croatia and Romania.
Bulgaria Financial Supervision Commission 2025-07-30
Bulgaria Financial Supervision Commission approves TBI Bank’s EUR 34 million bond prospectus and licenses Manikyan Capital as a management company
The Bulgaria Financial Supervision Commission approved TBI Bank EAD's EUR 34 million bond issue prospectus and licensed Manikyan Capital AD as a management company. It also made governance decisions, including board position approvals and refusals for various insurance companies and an investment intermediary. Additionally, the FSC requested more information from Up Trend Ltd. on passporting notification data for services in multiple European countries.