Bulgarian Regulator Rejects Black Sea Retail Invest Bond Prospectus

Bulgarian Regulator Rejects Black Sea Retail Invest Bond Prospectus

Bulgaria's financial regulator said it has rejected the prospectus of real estate investment company Black Sea Retail Invest for listing a secured convertible bond issue on the Bulgarian Stock Exchange. The Financial Supervision Commission (FSC) provided no further details in its decision, published on Friday. In November, FSC said that it asked Black Sea Retail Invest to provide additional information and documents regarding the prospectus. Black Sea Retail Invest tried to list the issue in 2018, but the regulator rejected the prospectus in June. In October last year, Black Sea Retail Invest issued 3.7 million levs ($2.3 million/1.9 million euro) worth of five-year corporate bonds. The issue consists of 3,700 bonds with a nominal value of 1,000 levs each, data from the commercial register shows. The issue carries an annual coupon of 4% with coupon payments due twice per year.

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