Bulgaria successfully issued Euro-denominated Bonds on the International Capital Markets on 7 July 2026

On 7 July 2026, the Republic of Bulgaria accessed the international capital markets for the first time since joining the euro area, reopening three eurobond issues with a total nominal value of EUR 2.5 billion. The outstanding amount of the issues maturing in 2032 and 2038 was increased by EUR 1 billion each, while the issue maturing in 2045 was increased by EUR 500 million. The bonds were issued under the Global Medium-Term Note Programme for debt issuance on the international capital markets. 

The transaction attracted strong investor interest, with total orders exceeding EUR 9.5 billion, allowing the initially offered spread to be tightened by 30 basis points for the 2032 and 2038 issues and by 25 basis points for the 2045 issue. The final spread over the Mid-swap rate amounted to 60 basis points for the 2032 issue, 115 basis points for the 2038 issue, and 140 basis points for the 2045 issue. 

The new government debt raised through this transaction falls within the statutory limit of EUR 3.8 billion pursuant to Article 3a, paragraph 1, item 1 of the Law on the Collection of Revenues and the Execution of Expenditures in 2026 until the adoption of the 2026 State Budget Act of the Republic of Bulgaria, the 2026 Budget Act of the State Social Security System, and the 2026 Budget Act of the National Health Insurance Fund.