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 17 4 690 710 000
EUR 13 8 364 576 610
USD 1 64 743 060
municipal
EUR 3 41 564 590
corporate
EUR 53 2 170 362 000
BGN 11 117 148 580

Sovereign rating

Rating AgencyRatingRating scaleDate
RIA Rating *** Sovereign ratings ***
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** 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.) ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
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
Vivacom, 6.625% 15nov2018, EUR - International bonds XS0994993037 6.625% 400 000 000  EUR 11/15/2013 11/15/2018
Bulgarian Energy Holding, 4.25% 7nov2018, EUR - International bonds XS0989152573 4.25% 500 000 000  EUR 10/23/2013 11/07/2018
Bulgaria, 4.250% 9jul2017, EUR - International bonds XS0802005289 4.25% 950 000 000  EUR 07/02/2012 07/09/2017

World Bond Market Indicators

Monthly indices

Type May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016
EU Long-term interest rates
Bulgaria, % 1.74 1.78 1.73 1.75 1.77 1.80 1.82
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World Bond market statistics

Quarterly indices

Type I 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
BIS volume of international-bond market of emerging countries
Bulgarian international bonds, USD bln 9.900 9.800 10.300 9.600 9.900 7.300 7.300
BIS net issues of international-bond market of emerging countries
International-bond net issue of Bulgaria, USD bln 0.000 0.100 0.600 0.100 2.200 0.100 -0.100

Emerging Markets International Bonds

Monthly indices

Type May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016
Eastern Europe International Bonds Markets
International bonds of Bulgaria, USD bln 10.150 9.837 9.634 9.571 9.755 9.514 9.573
Sovereign international bonds of Bulgaria, USD bln 8.470 8.209 8.039 7.987 8.139 7.939 7.987
Corporate international bonds of Bulgaria, USD bln 1.681 1.629 1.595 1.585 1.615 1.575 1.585
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Currencies

Daily indices

Type: 06/23/2017 06/22/2017 06/21/2017 06/20/2017 06/19/2017 06/16/2017 06/15/2017
Exchange Rates (Emerging Markets)
USD/BGN 1.7469 1.7533 1.7527 1.7565 1.7513 1.7469 1.7534
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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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