Bulgaria's Bond Sale Money Stashed at C-bank by Jan 2013
Finance | July 6, 2012, Friday // 13:47| views
Bulgaria tapped international markets to raise funds to repay the first tranche of about EUR 835 M (USD 1.07 B) in 11-year eurobonds maturing on January 15, 2013. Photo by EPA/BGNES
The money Bulgaria raised by the sale of EUR 950 M worth of five-year government bonds will be deposited at the central bank for six months, the finance ministry has revealed.
Bulgaria tapped international markets to raise funds to repay the first tranche of about EUR 835 M (USD 1.07 B) in 11-year eurobonds maturing on January 15, 2013.
The bonds were sold at an interest rate of below 5%, lower than the 7.5% for the issue that matures in January 2013.
The government and analysts have said the demand for bonds is proof of the strong credit standing enjoyed by Bulgaria and the confidence given by the international markets for its financial sector.
BNP Paribas, HSBC and Raiffeisen were appointed to advise the Bulgarian state as well as manage the sale of the bond.
Bulgaria is rated Baa2 by Moody's Investor Services Inc., and BBB by Standard and Poor's Corp.
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