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 4 830 210 000
EUR 12 7 414 576 610
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
Bulgaria, BG 0.3 22feb2021 - Domestic bonds BG2030017110 0.3% 170 000 000  BGN 02/20/2017 02/22/2021
Bulgaria, BG 1.95 25jul2027 - Domestic bonds BG2040017217 1.95% 339 500 000  BGN 01/23/2017 07/25/2027
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, BG 0.5 17feb2019 - Domestic bonds BG2030016112 0.5% 200 000 000  BGN 02/17/2016 02/17/2019
Bulgaria, 2.25 27jul2026 - Domestic bonds BG2040016219 2.25% 300 000 000  BGN 01/25/2016 07/27/2026
Stara Zagora, 5.4% 22dec2023, EUR - Domestic bonds BG2100018154 5.4% 10 000 000  EUR 12/22/2015 12/22/2023
Elana Financial Holding, 5.50% 2dec2019, EUR - Domestic bonds BG2100016158 5.5% 1 000 000  EUR 12/02/2015 12/02/2019
Holding Nov Vek, 4.5% 27nov2023, EUR - Domestic bonds BG2100015150 4.5% 15 000 000  EUR 11/27/2015 11/27/2023

World Bond Market Indicators

Monthly indices

Type Jun 2017 May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016
EU Long-term interest rates
Bulgaria, % 1.70 1.74 1.78 1.73 1.75 1.77 1.80
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World Bond market statistics

Monthly indices

Type Jun 2017 May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016
Domestic government bond market (Eastern Europe)
Bulgarian govt Bonds outst., EUR bln (without Bills) 3.53 3.51 3.40 3.40 3.32 3.48 3.66
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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 Jun 2017 May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016
Eastern Europe International Bonds Markets
International bonds of Bulgaria, USD bln 10.317 10.150 9.837 9.634 9.571 9.755 9.514
Sovereign international bonds of Bulgaria, USD bln 8.609 8.470 8.209 8.039 7.987 8.139 7.939
Corporate international bonds of Bulgaria, USD bln 1.708 1.681 1.629 1.595 1.585 1.615 1.575
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Currencies

Daily indices

Type: 07/05/2017 07/04/2017 07/03/2017 06/30/2017 06/29/2017 06/28/2017 06/27/2017
Exchange Rates (Emerging Markets)
USD/BGN 1.7265 1.7228 1.7215 1.7135 1.7113 1.7198 1.7256
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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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Macroeconomic Indicators (World economy)

Monthly indices

Type Jun 2017 May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Bulgaria) 1.90 2.30 2.60 1.90 1.70 1.40
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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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