Log In
EM
Emerging Markets
APICareer PortalPricing
No results found for "".
Asset Backed Securities
Sovereign, Supranational, and Agency
Sovereign Government
Parent Companies
Republic of Bulgaria
Republic of Bulgaria

Republic of Bulgaria (BGGV)

Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
SSA
PRCD
BGGV
Republic of Bulgaria€2,500
3EMEA
Jul 8, 2026
currency
EUR
size (m)
1,000.000
maturity
Sep 5, 2032
type
Fixed
tenor
6.250
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa1
s&p
-
fitch
BBB+
size description
-
re-open/tap
Yes
ipt
MS+90 area
ipt-pxd
-30
guidance
MS+65 area
spread
60
coupon
3.625%
spread set
-
price
100.71100
yield
3.493%
book size (m)
4,400
peak book (m)
4,400
x-covered
4.4
book attrition
0.00%
nic
-
billing & delivering
BNP
active leads
-
joint leads
BNP, EGB, ING, JPM, ...
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
4,400
peak book (m)
4,400
x-covered
4.4
book attrition
0.00%
nic
-
billing & delivering
BNP
active leads
-
joint leads
BNP, EGB, ING, JPM, ...
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
1,000.000
maturity
May 7, 2038
type
Fixed
tenor
11.750
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa1
s&p
-
fitch
BBB+
size description
-
re-open/tap
Yes
ipt
MS+145 area
ipt-pxd
-30
guidance
MS+120 area
spread
115
coupon
4.125%
spread set
-
price
98.65400
yield
4.271%
book size (m)
3,500
peak book (m)
3,500
x-covered
3.5
book attrition
0.00%
nic
-
billing & delivering
BNP
active leads
-
joint leads
BNP, EGB, ING, JPM, ...
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
3,500
peak book (m)
3,500
x-covered
3.5
book attrition
0.00%
nic
-
billing & delivering
BNP
active leads
-
joint leads
BNP, EGB, ING, JPM, ...
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
500.000
maturity
Jul 18, 2045
type
Fixed
tenor
19.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa1
s&p
-
fitch
BBB+
size description
-
re-open/tap
Yes
ipt
MS+165 area
ipt-pxd
-25
guidance
MS+145 area
spread
140
coupon
4.125%
spread set
-
price
93.18200
yield
4.674%
book size (m)
1,800
peak book (m)
1,800
x-covered
3.6
book attrition
0.00%
nic
-
billing & delivering
BNP
active leads
-
joint leads
BNP, EGB, ING, JPM, ...
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,800
peak book (m)
1,800
x-covered
3.6
book attrition
0.00%
nic
-
billing & delivering
BNP
active leads
-
joint leads
BNP, EGB, ING, JPM, ...
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 4400; Registration: Reg S Only; Comments: DBR 1.7 08/15/2032 +71.2bps. LEI: 529900PG0XCL4LICL838; Book size: 3500; Registration: Reg S Only; Comments: 120.1bps vs DBR 4.0 01/04/2037 @108.22 / 3.070% HR: 90%. LEI: 529900PG0XCL4LICL838; Book size: 1800; Registration: Reg S Only; Comments: 120.7bps vs DBR 2.5 07/04/44 @87.22 / 3.467% HR: 111%. LEI: 529900PG0XCL4LICL838;
Deal Comments
Combined books > €7bn (incl. €335m JLMs). EUR1bn tap of 3.625% due 05-Sep-2032 at MS+60bps (100.711% / 3.493%). Total Outstanding: EUR2.75bn. EUR1bn tap of 4.125% due 07-May-2038 at MS+115bps (98.654% / 4.271%). Total Outstanding: EUR2.75bn. EUR500m tap of 4.125% due 18-Jul-2045 at MS+140bps (93.182% / 4.674%). Total Outstanding: EUR1.70bn
Use of Proceeds
Financing the budget deficit, including for pre-financing under the Recovery and Resilience Plan of the Republic of Bulgaria
Relative Value

COMPS

Bonds

Rating

Size

Issue Date

Maturity

I+ (Bid)

BGARIA 4.375 05/31

Baa1 / - / BBB+

€1,300

Nov 23

4.9 yrs

33bps

BGARIA 3.625 09/32

Baa1 / - / BBB+

€1,750

Aug 24

6.2 yrs

56bps

BGARIA 4.500 01/33

Baa1 / - / BBB+

€1,500

Jan 23

6.6 yrs

54bps

BGARIA 3.500 05/34

Baa1 / - / BBB+

€2,250

Apr 25

7.8 yrs

74bps

BGARIA 3.375 07/35

Baa1 / - / BBB+

€2,000

Jul 25

9.0 yrs

83bps

BGARIA 4.875 05/36

Baa1 / - / BBB+

€1,000

Nov 23

9.9 yrs

91bps

BGARIA 4.125 05/38

Baa1 / - / BBB+

€1,750

Apr 25

11.8 yrs

109bps

BGARIA 4.250 09/44

Baa1 / - / BBB+

€1,250

Aug 24

18.2 yrs

121bps

BGARIA 4.125 07/45

Baa1 / - / BBB+

€1,200

Jul 25

19.0 yrs

129bps

BGARIA 1.375 09/50

Baa1 / - / BBB+

€1,250

Sep 20

24.2 yrs

130bps

Hide Details

Commentary

All Commentary
Explore all other Commentary & Deal Flow

Deal Flow

All Deal Flow
PRICED: Republic of Bulgaria €2.5bn 3-part Sr Unsec; MS+60bp / MS+115bp / MS+140bpJul 8, 2026
LAUNCHED: Republic of Bulgaria €2.5bn 6.2yr, 11.8yr & 19yr Sr Unsec; MS+60bp, MS+115bp & MS+140bpJul 7, 2026
GUIDANCE: Republic of Bulgaria € bmk 6.2yr, 11.8yr & 19yr Sr Unsec; MS+65a, MS+120a & MS+145aJul 7, 2026
UPDATE (BOOKS): Republic of Bulgaria € bmk 6.2yr, 11.8yr & 19yr Sr Unsec; MS+90a, MS+145a & MS+165aJul 7, 2026
NEW ISSUE: Republic of Bulgaria € bmk 3-part 6.2yr, 11.8yr & 19yr Sr Unsec Tap; MS+90a, MS+145a & MS+165aJul 7, 2026
1 to 5 of 5
COMPANY
About
Careers
Contact
Solutions
CREDITFLOW
API Overview
API Documentation
Global Issuers List
Global Parents List
Pricing
OpenMarket Profiles
PRODUCTS
Career Portal
CapEdge
CreditFlow
Deal Roadshow
DealVDR
Evercall
More
SALES & SUPPORT
Americas
+1 888 997 6610
APAC
+852 3018 1600
EMEA
+44 80817 87364
support@creditflowresearch.com
About
Careers
Contact
Solutions
API Overview
API Documentation
Global Issuers List
Global Parents List
Pricing
OpenMarket Profiles
Career Portal
CapEdge
CreditFlow
Deal Roadshow
DealVDR
Evercall
More
Americas
+1 888 997 6610
APAC
+852 3018 1600
EMEA
+44 80817 87364
support@creditflowresearch.com
Compliance Privacy Security Terms