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Bulgaria: bonds

In Bulgaria, the Ministry of Finance together with the Bulgarian National Bank (BNB) regulates the terms and conditions for government bond issues on the domestic market. Trading in government bonds is mediated by primary dealers (banks and investment intermediaries) that have the right to acquire government bonds directly at the auctions organized by the BNB. Government bonds are treasury bills, government bonds, eurobonds.

The size of the corporate bond markets, relative to the size of the government bonds, is fairly small in Bulgaria. In Bulgaria there are no limitations on the issue size. Generally, best effort method is preferred during offerings, rather than firm underwriting. Government bonds are not currently traded at the Bulgarian Stock Exchange-Sofia. Two government bond issues were listed at the Exchange till June 2008 but there was no trading with them. Corporate bonds can be traded both at the Exchange and OTC in Bulgaria. The following types of corporate bonds are available at the Bulgarian Stock Exchange-Sofia: debentures; convertible bonds; mortgage bonds; floating and fixed rate bonds; callable and puttable bonds.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
BGN 16 4 113 010 000
EUR 11 7 314 576 610
USD 1 64 743 060
municipal
EUR 3 41 564 590
corporate
EUR 48 1 891 237 000
BGN 20 176 979 800

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Bulgarian Energy Holding, 3.5% 28jun2025, EUR - International bonds XS1839682116 3.5% 600 000 000  EUR 10/05/2018 06/28/2025
Eurohold Bulgaria, 6.5% 7dec2022, EUR - International bonds XS1731768302 6.5% 70 000 000  EUR 11/30/2017 12/07/2022
Bulgarian Energy Holding, 4.875% 2aug2021, EUR - International bonds XS1405778041 4.875% 550 000 000  EUR 07/26/2016 08/02/2021
Bulgaria, 3% 21mar2028, EUR - International bonds XS1382696398 3% 850 000 000  EUR 03/14/2016 03/21/2028
Bulgaria, 1.875% 21mar2023, EUR - International bonds XS1382693452 1.875% 1 144 000 000  EUR 03/14/2016 03/21/2023
Bulgaria, 2% 26mar2022, EUR - International bonds XS1208855616 2% 1 250 000 000  EUR 03/19/2015 03/26/2022
Bulgaria, 2.625% 26mar2027, EUR - International bonds XS1208855889 2.625% 1 000 000 000  EUR 03/19/2015 03/26/2027
Bulgaria, 3.125% 26mar2035, EUR - International bonds XS1208856341 3.125% 850 000 000  EUR 03/19/2015 03/26/2035
Bulgaria, 2.95% 3sep2024, EUR - International bonds XS1083844503 2.95% 1 493 000 000  EUR 06/26/2014 09/03/2024
Petrol AD, 8.375% 26jan2022, EUR - International bonds XS0271812447 6% 100 000 000  EUR 10/19/2006 01/26/2022

World Bond Market Indicators

Monthly indices

Type Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
EU Long-term interest rates
Bulgaria, %   0.74 0.78 0.81 0.92 0.99 1.05 1.02
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World Bond market statistics

Quarterly indices

Type I 2018 IV 2017 III 2017 II 2017 I 2017 IV 2016 III 2016
BIS volume of international-bond market of emerging countries
Bulgarian international bonds, USD bln 10.400 10.100 9.900 10.600 9.900 9.800 10.300
BIS net issues of international-bond market of emerging countries
International-bond net issue of Bulgaria, USD bln 0.000 0.100 -1.100 0.000 0.000 0.100 0.600

New issues of Emerging markets International Bonds

Yearly indices

Type 2017 2016 2015 2014
Annual new International Bonds issues (Eastern Europe)
Annual new issues of Bulgaria sovereign international bonds, USD bln 0.000 2.213 3.299 2.032
Annual new issues of Bulgaria corporate international bonds, USD bln 0.000 2.213 3.299 2.032
Annual new issues of Bulgaria corporate international bonds, (financial sector) USD bln 0.083 0.000 0.000 0.000
Annual new issues of Bulgaria corporate international bonds, (non-financial sector) USD bln 0.000 0.604 0.000 0.000

Emerging Markets International Bonds

Monthly indices

Type Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Eastern Europe International Bonds Markets
International bonds of Bulgaria, USD bln 9.427 9.607 9.599 9.680 9.480 9.028 9.330
Corporate international bonds of Bulgaria, USD bln 1.969 1.960 1.959 1.975 1.795 1.331 1.375
Sovereign international bonds of Bulgaria, USD bln 7.458 7.646 7.640 7.705 7.685 7.698 7.955
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Currencies

Daily indices

Type: 11/14/2018 11/13/2018 11/12/2018 11/09/2018 11/08/2018 11/07/2018 11/06/2018
Exchange Rates (Emerging Markets)
USD/BGN 1.7281 1.7374 1.7394 1.7256 1.7193 1.7077 1.7137
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Credit Risk Indicators

Daily indices

Type: 02/16/2017 02/15/2017 02/14/2017 02/13/2017 02/10/2017 02/09/2017 02/08/2017
CDS Emerging markets (sov.) 
CDS 5Y Bulgaria mid * * * * * * *
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JP Morgan

Daily indices

Type: 10/30/2013 10/29/2013 10/28/2013 10/25/2013 10/24/2013 10/23/2013 10/22/2013
EMBI+ (publication was suspended since 30.10.2013) 
EMBI+ Bulgaria spread * * * * * * *
EMBI Global (publication was suspended since 30.10.2013) 
EMBI Global Bulgaria * * * * * * *
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Bulgaria, 1.875% 21mar2023, EUR   EUR 03/21/2023 05/18/2016 **.** *.** 05/18/2016 **.* *.**
Bulgaria, 2% 26mar2022, EUR   EUR 03/26/2022 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Bulgaria, 2.625% 26mar2027, EUR   EUR 03/26/2027 05/18/2016 ***.*** *.** 05/18/2016 ***.* *.**
Bulgaria, 2.95% 3sep2024, EUR   EUR 09/03/2024 05/18/2016 ***.** *.** 05/18/2016 *** *.**
Bulgaria, 3% 21mar2028, EUR   EUR 03/21/2028 05/18/2016 ***.** *.** 05/18/2016 *** *.*
Bulgaria, 3.125% 26mar2035, EUR   EUR 03/26/2035 05/18/2016 **.*** *.** 05/18/2016 **.* *.**
Bulgaria, 4.250% 9jul2017, EUR   EUR 07/09/2017 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Bulgarian Energy Holding, 4.25% 7nov2018, EUR   EUR 11/07/2018 05/18/2016 **.* *.** 05/18/2016 **.** *.**
Petrol AD, 8.375% 26jan2022, EUR   EUR 01/26/2022 05/18/2016 ** ****.** 05/18/2016 **.** ***.**
Vivacom, 6.625% 15nov2018, EUR   EUR 11/15/2018 05/18/2016 ***.* *.** 05/18/2016 ***.*** *.**
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