Investor relations
Investor relations
The Black Sea Trade and Development Bank (BSTDB) is a regional development bank established as an independent multilateral institution by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye and Ukraine. The Agreement Establishing BSTDB came into force in January 1997, and the Bank commenced operations in June 1999.
BSTDB pursues conservative operational and lending policies, which are reflected in its assigned long term credit ratings of "Baa2" from Moody's Investors Service Ltd and "BBB" from Standard & Poor's Financial Services LLC.
The Bank publishes audited, IFRS compliant, annual financial statements.
Notice
Nothing on this website (or any website to which this website has hypertext links) shall be construed, implicitly or explicitly, as containing any investment recommendation or advice, or constituting an offer of, or an invitation by or on behalf of, BSTDB to purchase or sell any securities.
Mandate
To foster economic growth and regional cooperation through the financing of projects and provision of financial services for public and private entities in the Black Sea Region.
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Target borrowers & projects
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Products & services
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Pricing
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Sectors
→ Public and private companies with operations in one or more of the Member States
→ Transactions which benefit Member States and have a development impact
→ Economically sustainable and financially viable projects
→ Projects which promote regional cooperation
→ Lending: Short- to long-term loans, typically extended in USD or EUR
→ Trade Finance: Extended to firms importing from Member States and regional exporters
→ Credit lines to local financial intermediaries to support small and medium-sized enterprises (SMEs)
→ Mortgage Facilities: Loans to financial intermediaries to finance mortgage lending
→ Equity funds and investments
→ Guarantees
→ Co-financing
→ BSTDB is not a profit-maximizing organization; operations are priced according to risk with reference to market pricing
→ The Bank does not provide grant financing or concessional lending
→ Energy
→ Manufacturing
→ Public utilities
→ Financial institutions
→ Telecommunications
→ Transport
→ Municipal services
→ Environmental protection
→ SMEs
Capital & Shareholder structure
CAPITAL STRUCTURE
- The Black Sea Trade and Development Bank initially had SDR 1 billion (EUR 1.15 billion) of authorized share capital, comprising SDR 300 million paid-in and SDR 700 million callable.
- A capital increase of SDR 2 billion (EUR 2.3 billion) was authorized by the Board of Governors in 2007. SDR 1 billion (EUR 1.15 billion) was committed for subscription by the existing shareholders. This additional capital has the same 30% payable and 70% callable structure. The 30% payable portion is scheduled to be fully paid by the end of 2018.
- As at 21st June 2013 the Bank’s capital was redenominated to EUR.
- As at 31st December 2019: Authorized Capital was EUR 3.45 billion, Subscribed Capital EUR 2.29 billion and Paid-in Capital EUR 686.6 million.
CURRENT SHAREHOLDER STRUCTURE
| Countries | Ownership (%) |
|---|---|
Albania
|
2.01 |
Armenia
|
1.01 |
Azerbaijan
|
5.03 |
Bulgaria
|
13.57 |
Georgia
|
0.50 |
Greece
|
16.58 |
Moldova
|
0.50 |
Romania
|
14.07 |
Russia
|
16.58 |
Türkiye
|
16.58 |
Ukraine
|
13.57 |
Portfolio development
Source: Management data as of 30.6.2025
Funding profile
The Treasury Department operates under guidelines established by the Bank’s Asset & Liability Committee. The Treasury identifies, measures and manages the risks inherent in the Bank’s balance sheet, ensures that timely funding is available for lending operations and invests funds that are surplus to lending requirements. The Bank takes a conservative approach to Treasury Management and regards preservation of its capital as the primary objective.
The Black Sea Trade & Development Bank (BSTDB) has to date funded itself from a combination of bilateral and syndicated loans, bond issuance and a EUR Commercial Paper program.
BSTDB benefits from funding facilities provided by other development institutions, including: KfW (Germany), the Nordic Investment Bank, Proparco (France) and the Development Bank of Austria.
Issuance programmes
- May 2025 - BSTDB signed a EUR 200 million Global Syndicated Loan with 3 Year Maturity
- Sep 2024 – BSTDB signed USD150 million facility with Japan Bank for International Cooperation to support Ukraine and Green Projects
- Apr 2021 - BSTDB increased to EUR 2.5 billion EUR MTN programme
- Jun 2020 - BSTDB increased to EUR 2 billion EUR MTN programme
- May 2015 - BSTDB established a EUR 1 billion EUR MTN programme
- Apr 2012 - BSTDB established a EUR 1 billion EUR Commercial Paper programme
Current outstanding bond issues and private placements
- EUR 35 million private placement – Mar 2021-Mar 2036. Coupon 1.5%.
- EUR 86.5 million private placement – Oct 2020-Oct 2035. Coupon 1.5%.
- EUR 20 million private placement – May 2021-May 2033. Coupon 1.435%.
- AUD 20 million private placement – Mar 2021-Mar 2031. Coupon 3.265%.
- GBP 20 million private placement – May 2021-May 2031. Coupon 2.244%.
- USD 85 million private placement – Feb 2021-Feb 2031. Coupon 2.615%.
- TRY 418 million private placement - Jan 2026 - Jan 2031. Coupon 34%.
- EUR 100 million private placement – Oct 2020-Oct 2030. Coupon 1.25%. MTN Programme.
- PHP 650 million private placement - Sep 2025-Sep 2030. Coupon 6.6%.
- TRY 360 million private placement - Dec 2024-Dec 2029. Coupon 36.76%.
- NZD 10 million private placement – Sep 2024-Sep 2029. Coupon 6.1%.
- USD 10.5 million private placement – Jul 2024-Jul 2029. Coupon 6.25%.
- GBP 30 million private placement – May 2021-May 2028. Coupon 1.894%.
- AUD 10 million private placement – Mar 2021-Mar 2028. Coupon 2.55%.
- CHF 150 million bond – Dec 2021-Mar 2027 – Coupon 0.35%.
- CZK 1.2 billion private placement – Mar 2021-Mar 2026. Floating rate.
- JPY 5 billion private placement – May 2021-May 2026. Coupon 0.65%.
- PLN 70 million private placement – Sep 2021-Sep 2026. Coupon 2.12%.
- RON 185 million private placement – May 2021-May 2026. Floating rate.
- RON 150 million private placement – May 2021-May 2026. Coupon 3.13%.
Thematic Finance
ESG Financing
BSTDB discloses to investors the financed portfolio with the following agreed eligibility criteria: lower carbon generation, energy efficiency and renewables. All the operations financed by BSTDB undergo the mandatory environmental and social due diligence as per its internal policies and procedures and are monitored for compliance with the agreed requirements and mitigation measures. In doing so the Bank seeks to apply best practices including the European Union Standards, the World Bank/IFC Performance Standards, EBRD’s Performance Requirements, International Labor Organizations Core Labor Standards, and International Environmental Conventions. This section will be regularly updated as the new eligible operations materialize.
| Date | Title |
|---|---|
| 20-Oct-2020 | |
| 10-Sep-2021 | |
| 03-Nov-2021 | |
| 25-Nov-2021 | |
| 18-Mar-2022 | |
| 30-Mar-2022 | |
| 05-Jul-2022 | |
| 19-Sep-2025 | |
| 28-Jul-2022 | |
| 02-Nov-2022 | |
| 26-Jul-2023 | |
| 21-Sep-2023 | |
| 20-Oct-2023 | |
| 24-Oct-2023 | |
| 19-Dec-2023 | |
| 05-Jul-2024 | |
| 05-Jul-2024 | |
| 16-Jul-2024 | |
| 15-Jul-2025 |
Financial statements
The Black Sea Trade and Development Bank publishes a complete set of audited annual financial statements prepared in compliance with the International Financial Reporting Standards
| Date | Title |
|---|---|
| 29-May-2017 | |
| 22-Sep-2017 | |
| 15-Jun-2018 | |
| 24-Sep-2018 | |
| 24-Apr-2019 | |
| 24-Sep-2019 | |
| 07-May-2020 | |
| 25-Sep-2020 | |
| 24-May-2021 | |
| 05-Oct-2021 | |
| 06-Jun-2022 | |
| 06-Oct-2022 | |
| 08-Jun-2023 | |
| 29-Sep-2023 | |
| 03-Jun-2024 | |
| 20-Sep-2024 | |
| 11-Jun-2025 | |
| 22-Sep-2025 |