Covered Bonds In Bulgaria: Opportunities For Market Development
The European Bank for Reconstruction and Development (EBRD), Eversheds Sutherland and the European Covered Bond Council (ECBC) are putting together a half-day conference ‘Covered Bonds in Bulgaria: Opportunities for Market Development ’, which will be held on March 21,2023, at the Hyatt Regency Sofia, commencing at 2 pm.
On March 29, 2022 the new Bulgarian Covered Bonds Act was published in the country’s State Gazette. It is in force as of 8 July 2022. The Covered Bonds Act transposes the EU’s Covered Bonds Directive (EU) 2019/2162 and was prepared as part of a legislative project initiated by the Bulgarian Ministry of Finance supported by technical assistance from the EBRD.
The new Covered Bonds Act repeals the Mortgage Bonds Act and establishes a comprehensive legal framework for the issuance of covered bonds and their supervision by the Bulgarian National Bank, which follows best international practice and applicable EU law.
A year after the adoption of the Bulgarian Covered Bonds Act, the conference will take stock of developments in the global covered bonds market, present the Bulgarian legal framework and practical guidance on the issuance of covered bonds, and discuss the opportunities for both issuers of and investors in this novel instrument in Bulgaria.