Commentary & Deal Flow

Reoffer: 6.2yr: MS+60bp / 100.711 / 3.493% 11.8yr: MS+115bp / 98.654 / 4.271% 19yr: MS+140bp / 93.182 / 4.674%
Benchmark: 6.2yr: DBR 1.7 15-Aug-32 @ 94.01% / B+71.2bp / HR 108% 11.8yr: DBR 4.0 04-Jan-37 @ 108.22% / B+120.1bp / HR 90% 19yr: DBR 2.5 04-Jul-44 @ 87.22% / B+120.7bp / HR 111%

6.2yr: Final Books > €4.4bn (incl €230m JLM int)
11.8yr: Final Books > €3.5bn (incl €130m JLM int)
19yr: Final Books > €1.8bn (incl €50m JLM int)

Launched:
6.2yr: €1bn @ MS+60bp - books > €4.4bn (incl €230m JLM int)
11.8yr: €1bn @ MS+115bp - books > €3.5bn (incl €130m JLM int)
19yr: €500m @ MS+140bp - books > €1.8bn (incl €50m JLM int)
Guidance: 6.2yr: MS+65a - books > €4.4bn (incl €230m JLM int) 11.8yr: MS+120a - books > €3.4bn (incl €130m JLM int) 19yr: MS+145a - books > €1.7bn (incl €50m JLM int)
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
• Tranche Reopening:
• • 6.2yr: 3.625% 09/2032
  • 11.8yr: 4.125% 05/2038
  • 19yr: 4.125% 07/2045
• Tap Size:
• • 6.2yr: €1bn
  • 11.8yr: €1bn
  • 19yr: €500m
• New Amount Outstanding:
• • 6.2yr: €2.75bn
  • 11.8yr: €2.75bn
  • 19yr: €1.70bn
• Maturity Date:
• • 6.2yr: 05-Sep-32
  • 11.8yr: 07-May-38
  • 19yr: 18-Jul-45
• Settlement Date: 14-Jul-26 (T+5)
• Reoffer:
• • 6.2yr: MS+60bps / 3.493% / 100.711%
  • 11.8yr: MS+115bps / 4.271% / 98.654%
  • 19yr: MS+140bps / 4.674% / 93.182%
• Interpolated mid-swap:
• • 6.2yr: 2.893%
  • 11.8yr: 3.121%
  • 19yr: 3.274%
• 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
• Stabilisation: ICMA/FCA stabilisation applies
• Timing: Priced, TOE 32s 17:50 UKT, 38s 17:51 UKT, 45s 17:52 UKT, FTT Immediately