Eversheds Sutherland member Tsvetkova Bebov & Partners has advised the Bulgarian-American Credit Bank on a EUR 15 million private placement of senior non-preferred MREL notes.
The Bulgarian-American Credit Bank is a commercial bank founded in 1995 by the Bulgarian-American Enterprise Fund. The BAEF was established and registered in the US in 1991, pursuant to the United States Support for East European Democracy Act, to support the Eastern European democracies of 1989 through the United States Agency for International Development (USAID) for the purposes of promoting the development of the private sector in Bulgaria.
According to Tsvetkova Bebov & Partners, “the bonds’ aim is for the BACB to meet certain minimum requirements for eligible liabilities under BRRD, as set by the Bulgarian National Bank’s Bank Resolution Directorate. The MREL bonds of the BACB were listed, on the basis of an approved prospects, by the Financial Supervision Commission, on June 19, 2023. The listing venue is the bonds segment of the Bulgaria Stock Exchange’s main market.”
The Tsvetkova Bebov & Partners team included Partners Damyan Leshev and Nikolay Bebov, Counsel Maria Karacholova, and Senior Associate Petar Ivanov.