Bulgaria Marketing 7-, 12- and 20-year Euro Bonds

Bulgaria is marketing euro bonds in three lots maturing respectively in seven, 12 and 20 years, Reuters reported on Thursday.

“The seven-year bond is being offered to investors at mid-swaps plus 195bp area, the 12-year tranche at mid-swaps plus 225bp area while the longest tranche is being offered to investors at mid-swaps plus 260bp area,” the newswire said.

Pricing is expected later on Thursday.

The three-part euro-denominated bond would mark Bulgaria’s first step into the bond market since June last year. The country offered ten-year bonds carrying 2.95% coupon back then.

Last month, Bulgaria's parliament approved a deal with HSBC, Societe Generale, Citigroup and UniCredit to manage international bond sales of up to EUR 8 B from 2015 to 2017. Proceeds from the sales will be used to refinance government debt and finance budget deficits projected at 3% of GDP this year, 2.5% next year and 2% in 2017.

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