As expected, the Central Cooperative Bank MREL bond IPO is scheduled for the end of April. The auction is expected to attract bids in the range of 6.5% to 7.25%, with a minimum subscription threshold of €15,000,000 for the issuance to be considered successful. The bond will have a 4-year maturity with an exercisable call option.

Based on current market conditions, we expect the final coupon to settle at 7%, in line with the TBI Bank bond IPO in 2025, which saw bids between 6.5% and 7.5% and ultimately priced at 7%. As the 6th largest bank in Bulgaria, CCB benefits from strong local positioning, and as one of the few predominantly Bulgarian-owned banks, it continues to receive institutional support.

The CCB bond IPO is included in our acquisition strategy, and we expect to subscribe at least €500,000, further strengthening our portfolio.

Sofia Commerce IPO in 2026

In addition, another IPO prospectus has been approved by the Financial Supervision Commission. Sofia Commerce Pawn Brokers, a leading pawn broker in Bulgaria, has reported approximately 30% growth over the past 12 months, reinforcing its market position.

Sofia Commerce plans to issue bonds with:

• 8% annual coupon
• Maturity until 2033
• Semi-annual coupon payments

The total targeted capital raise is approximately €2.5 million.

The Bulgaria AIF intends to participate with an allocation of around €50,000.

These assets further enhance the Bulgaria AIF Fund portfolio, adding additional diversification. Bulgaria AIF is not a typical Bulgaria Golden Visa fund—it operates as a market-driven fund, offering flexible and accessible entry, along with attractive returns.