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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 12 7 414 576 610
USD 1 64 743 060
municipal
EUR 3 41 564 590
corporate
EUR 49 2 339 237 000
BGN 16 123 151 000

Sovereign rating

Rating AgencyRatingRating scaleDate
RIA Rating *** Sovereign ratings ***
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% 550 000 000  EUR 07/24/2018 06/28/2025
Bulgaria, BG 2 22jan2043 - Domestic bonds BG2040018215 2% 100 000 000  BGN 01/22/2018 01/24/2043
Monbat, FRN 20jan2025, EUR (Conv.) - Domestic bonds BG2100023170 6m EURIBOR 28 015 000  EUR 01/20/2018 01/20/2025
Premier Fund, 6.5% 15dec2025, BGN - Domestic bonds BG2100024178 6.5% 20 000 000  BGN 12/15/2017 12/15/2025
Eurohold Bulgaria, 6.5% 7dec2022, EUR - International bonds XS1731768302 6.5% 70 000 000  EUR 11/30/2017 12/07/2022
IT Soft, 3.85% 24oct2024, BGN - Domestic bonds BG2100019178 3.85% 7 000 000  BGN 10/24/2017 10/24/2024
Zenith Investment Holding, 6% 6oct2025, EUR - Domestic bonds BG2100018170 6% 10 000 000  EUR 10/06/2017 10/06/2025
Bulgaria, BG 0.8 27mar2025 - Domestic bonds BG2040117215 0.8% 250 000 000  BGN 09/25/2017 03/27/2025
Елана Агрокредит, 3.2% 15oct2022, EUR - Domestic bonds BG2100014179 3.2% 5 260 000  EUR 07/15/2017 10/15/2022
Educational and sports complex Lozenets, 3.85% 14jun2032, BGN - Domestic bonds BG2100011175 3.85% 7 000 000  BGN 06/14/2017 06/14/2032

World Bond Market Indicators

Monthly indices

Type Jul 2018 Jun 2018 May 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018
EU Long-term interest rates
Bulgaria, %   0.92 0.99 1.05 1.02 1.05 0.98 0.90
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World Bond market statistics

Monthly indices

Type Jul 2018 Jun 2018 May 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018
Domestic government bond market (Eastern Europe)
Bulgarian govt Bonds outst., EUR bln (without Bills) 3.21 3.21 3.21 3.21 3.21 3.21 3.21
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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 Jul 2018 Jun 2018 May 2018 Apr 2018 Apr 2018 Mar 2018 Feb 2018
Eastern Europe International Bonds Markets
International bonds of Bulgaria, USD bln 9.680 9.480 9.028 9.330 9.370 10.012 9.912
Corporate international bonds of Bulgaria, USD bln 1.975 1.795 1.331 1.375 1.381 1.896 1.877
Sovereign international bonds of Bulgaria, USD bln 7.705 7.685 7.698 7.955 7.989 8.116 8.035
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Currencies

Daily indices

Type: 08/20/2018 08/17/2018 08/16/2018 08/15/2018 08/14/2018 08/13/2018 08/10/2018
Exchange Rates (Emerging Markets)
USD/BGN 1.7054 1.7095 1.7208 1.7230 1.7246 1.7176 1.7155
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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 Jul 2018 Jun 2018 May 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Bulgaria) 3.50 3.20 2.60 2.00 2.20 2.00 1.80
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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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