Commentary & Deal Flow

IPTs: 4.5yr: MS+80a 8yr: MS+115a 18yr: MS+175a

• Issuer: Republic of Bulgaria
• LEI: 529900PG0XCL4LICL838
• Issuer Ratings / Outlook: Baa1 (stable) by Moody's, BBB+ (positive) by S&P, BBB+ (positive) by Fitch
• Expected Issue Ratings: Baa1 by Moody's, BBB+ by Fitch
• Ranking: Senior Unsecured
• Currency: €
• Format: Reg S (Category 1), Registered, Drawdown under the GMTN Programme dated 28-Apr-25 and as supplemented on 15-Jul-25, 07-Jul-26 and 29-Sep-26
• Expected Tap Size:
  • 5yr: EUR Benchmark
  • 8yr: EUR Benchmark
  • 18yr: EUR Benchmark
• Tranche Reopening:
  • 5yr: 4.375% May-31 (4.6yrs)
  • 8yr: 4.625% Sep-34 (8.0yrs)
  • 18yr: 4.25% Sep-44 (17.9yrs)
• Current Amount Outstanding:
  • 5yr: EUR 1.30bn
  • 8yr: EUR 750mn
  • 18yr: EUR 1.25bn
• Maturity Date:
  • 5yr: 13-May-31
  • 8yr: 23-Sep-34
  • 18yr: 05-Sep-44
• Settlement Date:
  • 5yr: 02-Oct-26 (T+3)
  • 8yr: 02-Oct-26 (T+3)
  • 18yr: 02-Oct-26 (T+3)
• Coupon:
  • 5yr: 4.375% Fixed, p.a. Act/Act (ICMA)
  • 8yr: 4.625% Fixed, p.a. Act/Act (ICMA)
  • 18yr: 4.250% Fixed, p.a. Act/Act (ICMA)
• 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: The net proceeds from the Transaction will be used for financing the budget deficit adopted with the Annual Budget Law for 2026
• Timing: Today's business
• Stabilisation: ICMA/FCA stabilisation applies
• Deal Roadshow: URL: www.netroadshow.com Entry Code: SOFIA26 (not case-sensitive) Direct Link: : www.netroadshow.com/nrs/home/#!/?show=7b7d0d20