The Bulgaria Financial Supervision Commission approved prospectuses supporting the admission to trading of three bond issues and the initial public offering of shares by Green Innovation AD, and recorded the securities in its public register. It also adopted, on second reading, amendments to its management system requirements for insurers and reinsurers and took additional authorisation and cross-border supervision decisions. ITF Group AD’s EUR 8,000,000 issue comprises 8,000 unsecured, non-convertible bonds of EUR 1,000 each, carrying a 13% fixed annual coupon paid every six months, issued on 4 April 2025 and maturing on 4 June 2032. The terms include issuer call options on the 10th to 13th interest payment dates and bondholder put options on a change of control or if the bonds are not admitted to a regulated market within six months of issuance. Studentska Tsentr AD received approval for BGN 18,000,000 secured bonds (18,000 of BGN 1,000) with a floating coupon of six-month EURIBOR plus 1.25% subject to a 2.75% floor and 5.75% cap, maturing on 16 December 2032. Roy Property Fund REIT’s BGN 24,000,000 secured issue (24,000 of BGN 1,000) pays six-month EURIBOR plus 1.25% with a 3.00% floor and 5.00% cap and matures on 24 September 2032, and was entered in the register as a bond issue subject to an IPO and in the process of issuance. Green Innovation AD’s IPO prospectus covers up to 500,000 dematerialised voting shares with a nominal value of BGN 1 and an issue price range of BGN 12 to BGN 20. Other decisions included approving Stoyan Chepakov as a member of the Board of Directors of Varchev Management Company EAD, approving a member of the Supervisory Board of Pension Insurance Company DSK-Rodina AD, entering Point Chirpan EOOD in the register of bound agents, and exempting ADM Razgrad EAD for 2025 from the requirement to be licensed as an investment intermediary for its trading in commodity derivatives or emission allowances and related derivatives. The amended insurer and reinsurer governance ordinance is to be promulgated in the State Gazette, notifications were sent across the European Economic Area on insurance broker KM & D Ltd’s intention to provide services cross-border, and additional information was requested from Manikyan Capital AD in connection with an application for a management company licence.

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