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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€2,250
3EMEA
Sep 29, 2026
currency
EUR
size (m)
1,000.000
maturity
May 13, 2031
type
Fixed
tenor
4.500
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+80 area
ipt-pxd
-20
guidance
STL
spread
60
coupon
4.375%
spread set
-
price
100.55400
yield
4.235%
book size (m)
2,200
peak book (m)
2,400
x-covered
2.2
book attrition
-8.33%
nic
-
billing & delivering
BNP
active leads
-
joint leads
BNP, EGB, ING, JPM, ...
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,200
peak book (m)
2,400
x-covered
2.2
book attrition
-8.33%
nic
-
billing & delivering
BNP
active leads
-
joint leads
BNP, EGB, ING, JPM, ...
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
750.000
maturity
Sep 23, 2034
type
Fixed
tenor
8.000
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+115 area
ipt-pxd
-20
guidance
STL
spread
95
coupon
4.625%
spread set
-
price
100.10900
yield
4.608%
book size (m)
2,200
peak book (m)
2,500
x-covered
2.93
book attrition
-12.00%
nic
-
billing & delivering
BNP
active leads
-
joint leads
BNP, EGB, ING, JPM, ...
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,200
peak book (m)
2,500
x-covered
2.93
book attrition
-12.00%
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
Sep 5, 2044
type
Fixed
tenor
18.000
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+175 area
ipt-pxd
-15
guidance
STL
spread
160
coupon
4.25%
spread set
-
price
87.77000
yield
5.325%
book size (m)
1,700
peak book (m)
1,900
x-covered
3.4
book attrition
-10.53%
nic
-
billing & delivering
BNP
active leads
-
joint leads
BNP, EGB, ING, JPM, ...
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,700
peak book (m)
1,900
x-covered
3.4
book attrition
-10.53%
nic
-
billing & delivering
BNP
active leads
-
joint leads
BNP, EGB, ING, JPM, ...
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 2200; Registration: Reg S Only; Comments: OBL 2.5 04/16/31 #193 + 82.2bps/ 96.20% / 3.413% (HR 102%). LEI: 529900PG0XCL4LICL838; Book size: 2200; Registration: Reg S Only; Comments: DBR 2.6 08/15/34 + 106.6bps/ 93.62% / 3.542% (HR 101%). LEI: 529900PG0XCL4LICL838; Book size: 1700; Registration: Reg S Only; Comments: DBR 2.5 07/04/44 + 141.7bps/ 82.20% / 3.908% (HR 93%). LEI: 529900PG0XCL4LICL838;
Deal Comments
Combined books >€5.5bn (incl. €265m JLMs), skewed towards the shorter maturities. EUR1bn 4.375% due 13-MAY-2031. Total Outstanding: EUR2.3bn. EUR750m 4.625% due 23-SEP-2034. Total Outstanding: EUR1.5bn. EUR500m 4.25% due 05-SEP-2044. Total Outstanding: EUR1.75bn
Use of Proceeds
The net proceeds from the Transaction will be used for financing the budget deficit adopted with the Annual Budget Law for 2026
Relative Value

COMPS

Bonds

Rating

Size

Issue Date

Maturity

I+ (Bid)

BGARIA 4.375 05/31

Baa1 / - / BBB+

€ 1,300

Nov-23

4.6 yrs

46bps

BGARIA 4.625 09/34

Baa1 / - / BBB+

€ 750

Apr-25

8.0 yrs

81bps

BGARIA 4.250 09/44

Baa1 / - / BBB+

€ 1,250

Aug-24

17.9 yrs

137bps

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Commentary

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Deal Flow

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PRICED: Republic of Bulgaria €1bn 4.5yr, €750m 8yr & €500m 18yr Sr Unsec Tap; MS+60bp, MS+95bp & MS+160bpSep 29, 2026
ALLOCATIONS OUT: Republic of Bulgaria €2.25bn 4.5yr, 8yr & 18yr Sr Unsec; MS+60bp, MS+95bp & MS+160bpSep 29, 2026
LAUNCHED: Republic of Bulgaria €2.25bn 4.5yr, 8yr & 18yr Sr Unsec; MS+60bp / MS+95bp / MS+160bpSep 29, 2026
UPDATE: Republic of Bulgaria € bmk 4.5yr, 8yr & 18yr Sr Unsec; Spread set at MS+60bp, MS+95bp & MS+160bpSep 29, 2026
NEW ISSUE: Republic of Bulgaria € bmk 4.5yr, 8yr & 18yr Sr Unsec; MS+80a, MS+115a & MS+175aSep 29, 2026
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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
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