Bulgaria has sold two Eurobond tranches worth a combined €1.994bn, Investor.bg reported on March 14. The deal included a €1.144bn seven-year tranche and a €850m 12-year note. The lead managers are BNP Paribas, Citigroup, JP Morgan and UniCredit.
Bulgaria’s government debt totalled €11.6bn at end-January, equal to 25.7% of the projected 2016 GDP. External government debt stood at €7.89bn. The country is rated Baa2 by Moody’s, BB+ by Standard & Poor's and BBB- by Fitch.
On March 14 the orders totalled about €4.4bn, Capital Daily reported. The strong investor interest has resulted in a decline in the yields. The seven- and 12-year tranches were launched at spreads of 185bp and 235bp over mid-swaps, respectively, Reuters reported.
Through the Eurobonds, Bulgaria’s finance ministry has reached the full-year ceiling for new external debt issues of BGN3.9bn (€1.994bn). The total new debt amount for this year is limited to BGN5.3bn, to be used for financing the budget deficit, repaying maturing debt and, if necessary, supporting recovery and restructuring programmes in the banking sector.
Bulgaria’s government does not intend to participate in the deal to sell assets of Czech energy company CEZ, Finance Minister ... more
Bulgaria’s main opposition Socialist Party (BSP) is demanding the dismissal of Interior Minister ... more
Bulgaria's parliament approved on March 22 highly controversial amendments to the Public Procurement Act that will allow contracts to repair the fence along its border with Turkey to be ... more