Commentary & Deal Flow

Book Update: Combined books > €7bn (incl €335m JLM int)
IPTs: 6.2yr: MS+90a 11.8yr: MS+145a 19yr: MS+165a

• Issuer: Republic of Bulgaria
• LEI: 529900PG0XCL4LICL838
• Issuer Ratings / Outlook: Baa1 (stable) by Moody's, BBB+ (positive) by S&P, BBB+ (stable) by Fitch
• Expected Issue Ratings: Baa1 by Moody's, BBB+ by Fitch
• Ranking: Senior Unsecured
• Currency: EUR
• Format: Reg S (Category 1), Registered, Drawdown under the GMTN Programme dated 28-Apr-25 and as supplemented on 15-Jul-25 and 07-Jul-26
• Expected Tap Size:
• • 6.2yr: € Benchmark
  • 11.8yr: € Benchmark
  • 19yr: € Benchmark
• Tranche Reopening:
• • 6.2yr: 3.625% 09/2032
  • 11.8yr: 4.125% 05/2038
  • 19yr: 4.125% 07/2045
• Current Amount Outstanding:
• • 6.2yr: €1.75bn
  • 11.8yr: €1.75bn
  • 19yr: €1.20bn
• Maturity Date:
• • 6.2yr: 05-Sep-32
  • 11.8yr: 07-May-38
  • 19yr: 18-Jul-45
• Settlement Date: 14-Jul-26 (T+5)
• IPTs:
• • 6.2yr: MS+90bps area
  • 11.8yr: MS+145bps area
  • 19yr: MS+165bps area
• Coupon:
• • 6.2yr: 3.625% Fixed, p.a. Act/Act (ICMA)
  • 11.8yr: 4.125% Fixed, p.a. Act/Act (ICMA)
  • 19yr: 4.125% Fixed, p.a. Act/Act (ICMA)
• ISIN (immediately fungible):
• • 6.2yr: XS2890420834
  • 11.8yr: XS3063879442
  • 19yr: XS3124393367
• Denoms: €1,000 and €1,000 in excess thereof
• Governing Law: English Law
• Listing: Regulated Market of the Luxembourg Stock Exchange
• Clearing System: Euroclear / Clearstream, Luxembourg
• Joint Lead Managers: BNP Paribas (B&D), Erste Group, ING, J.P. Morgan, KBC
• Use of Proceeds: Financing the budget deficit, including for pre-financing under the Recovery and Resilience Plan of the Republic of Bulgaria
• Timing: Today's business
• Stabilisation: ICMA/FCA stabilisation applies
• Deal Roadshow: URL: https://dealroadshow.finsight.com Entry Code: BULGARIA2026 Direct Link: https://dealroadshow.finsight.com/e/BULGARIA2026