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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 15 4 013 010 000
EUR 9 7 131 105 000
municipal
EUR 3 41 564 590
corporate
EUR 50 1 902 537 000
BGN 25 247 268 800

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 ***
Scope Ratings *** Issuer Rating ***
Scope Ratings *** Issuer Rating (foreign currency) ***
Scope Ratings *** Senior Unsecured Debt Rating ***
Scope Ratings *** Senior Unsecured Debt Rating (foreign currency) ***
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
Zaharni Zavodi, 3% 22aug2025, BGN (Conv.) - Domestic bonds BG2100009187 3% 18 828 800  BGN 08/22/2018 08/22/2025
Severcoop Gamza Holding, 5% 16jul2026, BGN (6S4N) - Domestic bonds BG2100008189 5% 20 000 000  BGN 07/16/2018 07/16/2026
Motobul, 3.85% 13jun2028, BGN - Domestic bonds BG2100006183 3.85% 8 800 000  BGN 06/13/2018 06/13/2028
Capital Management, 5% 22feb2027, EUR - Domestic bonds BG2100003180 5% 12 000 000  EUR 02/22/2018 02/22/2027
Monbat, FRN 20jan2025, EUR (Conv.) - Domestic bonds BG2100023170 6m EURIBOR 28 015 000  EUR 01/20/2018 01/20/2025
Alteron, 5.75% 28dec2025, BGN - Domestic bonds BG2100030175 5.75% 10 000 000  BGN 12/28/2017 12/28/2025
Adara, 6.75% 20dec2026, BGN - Domestic bonds BG2100026173 6.75% 15 000 000  BGN 12/20/2017 12/20/2026
Premier Fund, 6.5% 15dec2025, BGN - Domestic bonds BG2100024178 6.5% 20 000 000  BGN 12/15/2017 12/15/2025
Finance Direct, 4.5% 15dec2023, EUR - Domestic bonds BG2100025175 4.5% 1 300 000  EUR 12/15/2017 12/15/2023

World Bond Market Indicators

Monthly indices

Type: Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018
EU Long-term interest rates
[4293] Bulgaria, %   0.72 0.75 0.74 0.78 0.81 0.92 0.99
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World Bond market statistics

Monthly indices

Type: Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018
Domestic government bond market (Eastern Europe)
[4557] Bulgarian govt Bonds outst., EUR bln (without Bills) 3.06 3.11 3.11 3.21 3.21 3.21 3.21
[12015] Number of new government bond issues, Bulgaria 0 0 0 0 0 0 0
[12049] New issues of government bonds, Bulgaria, EUR bln 0.00 0.00 0.00 0.00 0.00 0.00 0.00
[12083] New issues of government bonds, Bulgaria, USD mln 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Domestic corporate bond market (Eastern Europe) (without short-term bonds)
[12817] Bulgarian corporate bonds outst., EUR bln 0.70 0.70 0.71 0.71 0.71 0.72 0.71
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Quarterly indices

Type: III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017 I 2017
BIS volume of international-bond market of emerging countries
[10349] Bulgarian international bonds, USD bln 10.300 10.300 10.400 10.100 9.900 10.600 9.900
BIS net issues of international-bond market of emerging countries
[10475] International-bond net issue of Bulgaria, USD bln 0.100 0.500 0.000 0.100 -1.100 0.000 0.000

New issues of Emerging markets International Bonds

Yearly indices

Type: 2018 2017 2016 2015 2014
Annual new International Bonds issues (Eastern Europe)
[19603] Annual new issues of Bulgaria sovereign international bonds, USD bln 0.000 0.000 2.213 3.299 2.032
[19637] Annual new issues of Bulgaria corporate international bonds, USD bln 0.000 0.000 2.213 3.299 2.032
[19671] Annual new issues of Bulgaria corporate international bonds, (financial sector) USD bln 0.000 0.083 0.000 0.000 0.000
[19705] Annual new issues of Bulgaria corporate international bonds, (non-financial sector) USD bln 0.698 0.000 0.604 0.000 0.000

Emerging Markets International Bonds

Monthly indices

Type: Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018
Volume of Eastern Europe International Bonds Markets
[21123] International bonds of Bulgaria, USD bln 8.956 8.852 9.427 9.607 9.599 9.680 9.480
[21157] Corporate international bonds of Bulgaria, USD bln 1.418 1.401 1.969 1.960 1.959 1.975 1.795
[21191] Sovereign international bonds of Bulgaria, USD bln 7.539 7.451 7.458 7.646 7.640 7.705 7.685
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Currencies

Daily indices

Type: 01/21/2019 01/18/2019 01/17/2019 01/16/2019 01/15/2019 01/14/2019 01/11/2019
Exchange Rates (Emerging Markets)
[9843] USD/BGN 1.7204 1.7208 1.7184 1.7146 1.7167 1.7054 1.7050
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Macroeconomic Indicators (World economy)

Monthly indices

Type: Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Inflation Rate (World), % to the same period of the previous year
[15503] Inflation Rate (Bulgaria) 3.70 3.60 3.50 3.50 3.20 2.60 2.00
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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) 
[21] EMBI+ Bulgaria spread * * * * * * *
EMBI Global (publication was suspended since 30.10.2013) 
[3057] 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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