Bulgarian Capital Markets Day in London

A positive outlook of the Bulgarian economy, capital markets and investment opportunities

Sofia– Citi was a partner in the Bulgarian Capital Markets Day organized by the Bulgarian Stock Exchange – Sofia AD (BSE-Sofia) and the European Bank for Reconstruction and Development (EBRD) in London on 18 May 2017. The event, hosted at EBRD’s London headquarters, presented the Bulgarian economy, capital market and investment opportunities, as well as top ten listed companies, to institutional investors and investment firms.  The discussions focused on the current state of the market and the opportunities for growth. Over 100 representatives of more than 80 international institutional investors attended the event.

In his opening remarks, EBRD First Vice President Phil Bennet highlighted the promising investment opportunities presented by the Bulgarian capital markets in the past year and welcomed the launch of the first Exchange Traded Fund (ETF) on BSE-Sofia, the Expat Bulgaria SOFIX UCIT ETF, which is expected to bring greater opportunities for diversification for local and international investors alike.

Grigoriy Ananiev, Head of Markets for Citi Bulgaria and Romania, commented,“We were glad to partner with BSE-Sofia and EBRD in the Bulgarian Capital Markets Day and to have the opportunity to present the success stories of companies like Monbat and Sopharma. We received very positive feedback on the event and hope to have more of those in the future, to bring the Bulgarian market in the limelight and ultimately to see more companies listed on the BSE and increased international investor interest in Bulgaria.”

Ivan Takev, CEO of BSE-Sofia, outlined the milestones and current projects of BSE-Sofia, including SEE Link, domestic government bond listing, new listings and initial public offerings. He added “We at the Bulgarian Stock Exchange have exciting new projects in the pipeline that ultimately aim at better serving Bulgarian business. In the next months we will expand our portfolio of asset classes traded and bring transparency to markets where it currently does not exist. We will also be able to fill all remaining gaps in the capital raising process for all types of companies, ranging from early stage start-ups to mature listed national champions.”

Yavor Dojdevski, Head of Direct Custody and Clearing at Citi Bulgaria commented, “The event is a perfect example of Citi’s cooperation with the market participants and our efforts to promote Bulgaria to international investors. As a participant in the Capital Markets Working Group of the American Chamber of Commerce in Bulgaria we contribute to the initiatives and review of projects in the Capital Market Development Council, which was set up in Bulgaria in October 2016.”

The forum was also attended by the Ambassador of the Republic of Bulgaria to the United Kingdom who conveyed the government’s support for the development of the Bulgarian capital market. The agenda included discussion of the planned launch of the “SME Market”, an exchange for small and medium-sized enterprises (SMEs) to raise funds through BSE-Sofia, a presentationof the macroeconomic outline of Central and Eastern European countries by an expert from Citi’s CEEMEA Investment Banking team and one-on-one meetings betweeninvestors and the management of the Bulgarian issuers that were present.