site.btaBulgarian Stock Exchange Launches Trade in Largest Bank Bond Issue

Trading in the largest bank bond issue listed on the Bulgarian Stock Exchange (BSE) started on November 27, BSA said here Thursday. The MREL bond issue, worth EUR 60 million, has been issued by tbi bank. The issue consists of three-year bonds (with a call option after two years) carrying an annual interest rate of 7%. The exchange code under which the bonds will be traded is TBIF.

MREL instruments are bank bonds that meet the regulatory requirement for Minimum Requirement for Own Funds and Eligible Liabilities.

“The listing of the largest MREL issue in Bulgaria is a strong sign of the maturity and development of the debt segment of our capital market. On an annual basis, we are seeing significant growth in the BSE bond market, both in the number of issues and in the volume of funds raised. Over the past two years, bond issues on the Exchange have doubled. Investor interest in such instruments is increasing, giving Bulgarian companies and banks a real alternative for sustainable financing,” said BSE CEO Manyu Moravenov during the bell-ringing ceremony marking the first trading day of the issue.

tbi bank Executive Director Lukas Tursa underscored the institution’s role in strengthening the local investor community and boosting confidence in Bulgaria’s capital market. He noted that the bank made its first public subordinated debt offering four years ago and has since returned to the market almost annually with improving performance. Nearly EUR 100 million has been placed in 2025, which he described as a major milestone for the team and clear evidence of strong investor interest. He added that the bank plans to continue building on this momentum.

Earlier in 2025, the bank issued 3.5-year bonds worth EUR 34 million.