Bulgaria sells two Eurobond tranches worth €1.994bn

By bne IntelliNews March 15, 2016

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.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Bulgaria's BACB to acquire 99.94% of Tokuda Bank

The Bulgarian-American Credit Bank said on April 16 it has agreed to acquire 99.94% of local Tokuda Bank from Japan-based Tokushukai Incorporated. The two banks are among the smallest in Bulgaria ... more

bne IntelliNews Southeast Europe Outlook 2024

This Southeast Europe Outlook 2024 has been prepared by bne IntelliNews as part of a series of annual reviews providing updates on the geopolitical, macroeconomic and commercial state of ... more

EBRD 2023: EBRD, EU and ILX to co-operate to boost private-sector finance in Emerging Europe

The European Bank for Reconstruction and Development (EBRD), the European Union, and ILX Management, an emerging market asset manager, have joined forces to enhance private-sector finance in Emerging ... more

Follow Us On

Most Read

  1. Iran vs Israel: Who is better equipped for war?
    6 days ago
  2. Saudi Arabia to scale back plans for Neom city
    9 days ago
  3. BREAKING: Iraq, Syria and Jordan close airspace amid Iranian strike on Israel
    6 days ago
  4. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    5 months ago
  5. PANNIER: Caspian military drills that exclude Russia and Iran have some people in Moscow asking questions
    7 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    20 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    24 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. UBN: Russia could take the Baltic states in 48 hours
    29 days ago
  5. BRICS announce a blockchain-based payment system to create a common currency
    22 days ago

Reports

Dismiss