Sector developments and company hires

Bulgarian guarantees
The EIF has signed new guarantee agreements with Unicredit Bulbank, United Bulgarian Bank and ProCredit Bank (Bulgaria) to support the fast-growing documentary finance activity in Bulgaria. Under these agreements, the three EIF partner banks will finance Bulgarian small enterprises and small mid-caps with documentary credit lines, such as letters of credit, payment guarantees, advance payment guarantees and performance bonds. The total credit portfolio of Unicredit Bulbank, United Bulgarian Bank and ProCredit Bank (Bulgaria) under this instrument is expected to reach €200m. The EIF guarantee – which will use reflows under the Joint European Resources for Micro to Medium Enterprises (JEREMIE) initiative in Bulgaria - will cover 50% of the credit risk in each credit line free of charge up to a cap of 25% losses in the portfolio. The agreements are expected to help around 4,500 Bulgarian enterprises obtain new credit products at a reduced price, with lower collateral and longer maturities.

North America
Obinna Eke has joined Apollo Global Management in New York. He will work at the firm’s Redding Ridge Asset Management subsidiary, focusing on investor relations and fundraising in structured credit. Eke joins Apollo Global from BNP Paribas, where he was head of the US CLO syndicate. He worked for BNP Paribas for almost nine years.