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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

Moneda Outstanding bond issues Cumulative volume
Soberano
BGN 16 4 113 010 000
EUR 12 7 414 576 610
USD 1 64 743 060
Municipal
EUR 3 41 564 590
Corporativo
EUR 48 1 782 237 000
BGN 14 96 151 000

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.) ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Bulgaria, BG 2 22jan2043 - Bonos locales BG2040018215 2% 100 000 000  BGN 22/01/18 24/01/43
Monbat, FRN 20jan2025, EUR (Conv.) - Bonos locales BG2100023170 6m EURIBOR 28 015 000  EUR 20/01/18 20/01/25
Eurohold Bulgaria, 6.5% 7dec2022, EUR - Bonos internacionales XS1731768302 6.5% 70 000 000  EUR 30/11/17 07/12/22
Bulgaria, BG 0.8 27mar2025 - Bonos locales BG2040117215 0.8% 250 000 000  BGN 25/09/17 27/03/25
Елана Агрокредит, 3.2% 15oct2022, EUR - Bonos locales BG2100014179 3.2% 5 260 000  EUR 15/07/17 15/10/22
Educational and sports complex Lozenets, 3.85% 14jun2032, BGN - Bonos locales BG2100011175 3.85% 7 000 000  BGN 14/06/17 14/06/32
Specialized Logistic System, 3.5% 22mar2022, BGN - Bonos locales BG2100004170 3.5% 7 500 000  BGN 22/03/17 22/03/22
Bulgaria, BG 0.3 22feb2021 - Bonos locales BG2030017110 0.3% 200 000 000  BGN 20/02/17 22/02/21
Bulgaria, BG 1.95 25jul2027 - Bonos locales BG2040017217 1.95% 339 500 000  BGN 23/01/17 25/07/27
Industry Development Holding, 5% 22dec2024, EUR - Bonos locales BG2100019160 5% 10 000 000  EUR 22/12/16 22/12/24

World Bond Market Indicators

Monthly indices

Type Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017
EU Long-term interest rates
Bulgaria, %   1.02 1.05 0.98 0.90 1.02 1.33 1.40
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World Bond market statistics

Monthly indices

Type Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017
Domestic government bond market (Eastern Europe)
Bulgarian govt Bonds outst., EUR bln (without Bills) 3.21 3.21 3.21 3.21 3.76 3.72 3.71
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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 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017
Eastern Europe International Bonds Markets
International bonds of Bulgaria, USD bln 10.012 9.912 10.088 9.758 9.588 9.385 9.520
Sovereign international bonds of Bulgaria, USD bln 8.116 8.035 8.178 7.910 7.840 7.674 7.784
Corporate international bonds of Bulgaria, USD bln 1.896 1.877 1.910 1.848 1.748 1.711 1.736
Eastern Europe International Bonds Markets (adjusted for amortization)
International bonds of Bulgaria, USD bln 10.012 9.912 10.088 9.758 9.671 9.385 9.520
Corporate international bonds of Bulgaria, USD bln 1.896 1.877 1.910 1.848 1.831 1.711 1.736
Sovereign international bonds of Bulgaria, USD bln 8.116 8.035 8.178 7.910 7.840 7.674 7.784
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Currencies

Daily indices

Type: 25/05/18 24/05/18 23/05/18 22/05/18 21/05/18 18/05/18 17/05/18
Exchange Rates (Emerging Markets)
USD/BGN 1.6766 1.6678 1.6721 1.6600 1.6608 1.6610 1.6578
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Credit Risk Indicators

Daily indices

Type: 16/02/17 15/02/17 14/02/17 13/02/17 10/02/17 09/02/17 08/02/17
CDS Emerging markets (sov.) 
CDS 5Y Bulgaria mid * * * * * * *
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Macroeconomic Indicators (World economy)

Monthly indices

Type Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Bulgaria) 2.00 2.20 2.00 1.80 2.80 3.00 2.50
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JP Morgan

Daily indices

Type: 30/10/13 29/10/13 28/10/13 25/10/13 24/10/13 23/10/13 22/10/13
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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Cotizaciones

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Bulgaria, 1.875% 21mar2023, EUR   EUR 21/03/23 18/05/16 **.** *.** 18/05/16 **.* *.**
Bulgaria, 2% 26mar2022, EUR   EUR 26/03/22 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Bulgaria, 2.625% 26mar2027, EUR   EUR 26/03/27 18/05/16 ***.*** *.** 18/05/16 ***.* *.**
Bulgaria, 2.95% 3sep2024, EUR   EUR 03/09/24 18/05/16 ***.** *.** 18/05/16 *** *.**
Bulgaria, 3% 21mar2028, EUR   EUR 21/03/28 18/05/16 ***.** *.** 18/05/16 *** *.*
Bulgaria, 3.125% 26mar2035, EUR   EUR 26/03/35 18/05/16 **.*** *.** 18/05/16 **.* *.**
Bulgaria, 4.250% 9jul2017, EUR   EUR 09/07/17 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Bulgarian Energy Holding, 4.25% 7nov2018, EUR   EUR 07/11/18 18/05/16 **.* *.** 18/05/16 **.** *.**
Petrol AD, 8.375% 26jan2022, EUR   EUR 26/01/22 18/05/16 ** ****.** 18/05/16 **.** ***.**
Vivacom, 6.625% 15nov2018, EUR   EUR 15/11/18 18/05/16 ***.* *.** 18/05/16 ***.*** *.**
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