Bulgaria issues 1.5 billion euro debt on international market
Bulgaria will try to place a large issue of 10-year bonds on the international markets on Tuesday. The announcement is now available on brokerage terminals, and by the end of the day bids will be collected and volume and price will be determined. Unlike in the past, this issue is announced on the same day as the beginning of bidding.
According to the terms submitted by the finance ministry, the expected price is in the range of around Mid Swaps + 250 basis points, which means around 5.20-5.25%.
The aim was for the issue to be at benchmark, i.e. to be in a sufficient volume so that it can be used as a reference for the evaluation of other debt securities of Bulgaria, which would mean an absolute minimum of 1 billion euros. Later in the day, the volume was fixed at 1.5 billion euros, and according to unofficial information, the orders exceeded 3.5 billion euros.
Entrepreneurship on the rise last year
The number of entrepreneurs who founded a business in Bulgaria in 2022 slightly increased compared to 2021. Last year, a total of 42,788 new companies were registered, according to a report of the Registration Agency.
A more detailed breakdown shows that businesses were most active at the beginning of the year, while their numbers decreased in the next three subsequent quarters. This perhaps signaled growing caution among entrepreneurs towards the end of the year.
Concerns about the general economic environment are also tangible from data on companies that ceased operations. Although there were fewer in this category in 2022 than in 2021, their number grew steadily between the first and fourth quarter.
Bulgarian euShipments acquires Croatian Pick and Pack
Bulgarian e-commerce logistics company euShipments has acquired a majority stake in Croatian logistics startup Pick & Pack.This is a first acquisition for euShipments, as part of its strategy to consolidate a leader position in the eCommerce segment in Central and Eastern Europe.
This acquisition was conducted with the help of Bulgarian growth equity fund BlackPeak Capital, which invested 7.5 million euros in euShipments in 2022 to accelerate its expansion in Central, Eastern, and Western European markets.