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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 14 3 830 110 000
EUR 9 7 131 105 000
municipal
EUR 3 41 564 590
corporate
EUR 50 1 925 778 000
BGN 30 342 279 800

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
Bulgaria, BG 1.5 21jun2039 - Domestic bonds BG2040019213 1.5% 178 600 000  BGN 06/19/2019 06/21/2039
Bulgaria, BG 0.5 21dec2029 - Domestic bonds BG2040119211 0.5% 306 000 000  BGN 06/19/2019 12/21/2029
Bravo Property Fund, 3.25% 11apr2024, BGN - Domestic bonds BG2100008197 3.25% 30 000 000  BGN 04/11/2019 04/11/2024
SII IMOTI, 4.5% 20dec2026, BGN - Domestic bonds BG2100017180 4.5% 20 000 000  BGN 12/20/2018 12/20/2026
DEVELOPMENT ASSETS, 5.75% 26nov2026, BGN - Domestic bonds BG2100014187 5.75% 22 000 000  BGN 11/26/2018 11/26/2026
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
Neo London Capital, 6.75% 28jun2026, BGN - Domestic bonds BG2100007181 6.75% 20 000 000  BGN 06/28/2018 06/28/2026
Motobul, 3.85% 13jun2028, BGN - Domestic bonds BG2100006183 3.85% 8 800 000  BGN 06/13/2018 06/13/2028

Свалка

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 Global Bulgaria 64 68 70 62 63 57 62
EMBI+ Bulgaria spread 64 68 70 62 63 57 62
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Domestic bonds outstanding volume

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Eastern Europe domestic bonds outstanding volume
[13123] Bulgarian corporate bonds outst., USD bln 0.807 0.793 0.755 0.755 0.777 0.808 0.807
[13157] Bulgarian corporate bonds outst. (fin. sector), USD bln 0.477 0.469 0.442 0.442 0.454 0.483 0.484
[13191] Bulgarian corporate bonds outst. (non-fin. sector), USD bln 0.330 0.324 0.313 0.313 0.323 0.325 0.324
[12817] Bulgarian corporate bonds outst., EUR bln 0.710 0.710 0.673 0.673 0.683 0.706 0.705
[12331] Bulgarian municipal bonds outst., USD bln 0.047 0.046 0.047 0.047 0.047 0.048 0.048
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BIS

Quarterly indices

Type: I 2019 III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017
BIS international bonds outstanding volume
[10349] Bulgarian international bonds, USD bln 9.100 10.300 10.300 10.400 10.100 9.900 10.600
BIS new international bonds volume
[10475] International-bond net issue of Bulgaria, USD bln 0.000 0.100 0.500 0.000 0.100 -1.100 0.000

Forex

Daily indices

Type: 07/22/2019 07/19/2019 07/18/2019 07/17/2019 07/16/2019 07/15/2019 07/12/2019
FOREX rates
[9843] USD/BGN 1.7446 1.7433 1.7358 1.7430 1.7452 1.7373 1.7353
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International bonds outstanding volume

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Eastern Europe international bonds outstanding volume
[21123] International bonds of Bulgaria, USD bln 8.969 8.813 8.851 8.851 8.978 8.954 8.956
[21157] Corporate international bonds of Bulgaria, USD bln 1.482 1.456 1.462 1.462 1.483 1.417 1.418
[21191] Sovereign international bonds of Bulgaria, USD bln 7.488 7.357 7.389 7.388 7.494 7.537 7.539
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Inflation

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Inflation (Eastern Europe)
[15503] Inflation Rate (Bulgaria) 2.80 3.50 3.70 3.60 3.22 3.03 2.67
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Historical yields (monthly)

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Yields on long-term domestic bonds of Eastern Europe
[4293] Bulgaria 10Y Government Bond Yield  0.32 0.48 0.50 0.67 0.68 0.72 0.72
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New domestic bonds volume

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Eastern Europe new domestic bonds volume
[13021] New issues of corporate bonds, Bulgaria, EUR bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
[13055] New issues of corporate bonds, Bulgaria (fin. sector), EUR bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
[13089] New issues of corporate bonds, Bulgaria (non-fin. sector), EUR bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
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New international bonds volume

Yearly indices

Type: 2018 2017 2016 2015 2014
Eastern Europe new international bonds volume
[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

New domestic bonds number

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Eastern Europe new domestic bonds number
[12919] Number of new corporate bond issues, Bulgaria 0 0 0 0 0 0 0
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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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