Commentary & Deal Flow

Reoffer: 4.5yr: MS+60bp / 100.554 / 4.235% 8yr: MS+95bp / 100.109 / 4.608% 18yr: MS+160bp / 87.769 / 5.325%
Benchmark: 4.5yr: OBL 2.5 16-Apr-31 #193 @ 96.20% / B+82.2bp 8yr: DBR 2.6 15-Aug-34 @ 93.62% / B+106.6bp 18yr: DBR 2.5 04-Jul-44 @ 82.20% / B+141.7bp

Tranche 1 (4.5yr): Final Books > €2.2bn (incl €120m JLM int). Peak book > €2.4bn (incl €120m JLM int)
Tranche 2 (8yr): Final Books > €2.2bn (incl €120m JLM int). Peak book > €2.5bn (incl €120m JLM int)
Tranche 3 (18yr): Final Books > €1.7bn (incl €10m JLM int). Peak book > €1.9bn (incl €25m JLM int)

Launched:
4.5yr: €1bn @ MS+60bp - Books > €2.4bn (incl €120m JLM int)
8yr: €750m @ MS+95bp - Books > €2.5bn (incl €120m JLM int)
18yr: €500m @ MS+160bp - Books > €1.9bn (incl €25m JLM int)

Spread set at: 4.5yr: MS+60bp 8yr: MS+95bp 18yr: MS+160bp - Combined books > €5.5bn (incl. €265m JLM int), skewed towards the shorter maturities

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:
  • 4.5yr: € Benchmark
  • 8yr: € Benchmark
  • 18yr: € Benchmark
• Tranche Reopening:
  • 4.5yr: 4.375% May-31 (4.6yrs)
  • 8yr: 4.625% Sep-34 (8.0yrs)
  • 18yr: 4.25% Sep-44 (17.9yrs)
• Size:
  • 4.5yr: €1bn
  • 8yr: €750m
  • 18yr: €500m
• New Amount Outstanding:
  • 4.5yr: €2.30bn
  • 8yr: €1.50bn
  • 18yr: €1.75bn
• Maturity Date:
  • 4.5yr: 13-May-31
  • 8yr: 23-Sep-34
  • 18yr: 05-Sep-44
• Settlement Date:
  • 4.5yr: 02-Oct-26 (T+3)
  • 8yr: 02-Oct-26 (T+3)
  • 18yr: 02-Oct-26 (T+3)
• Reoffer: MS+60bp / 100.554 / 4.235% (4.5yr) | MS+95bp / 100.109 / 4.608% (8yr) | MS+160bp / 87.769 / 5.325% (18yr)
• Interpolated Mid-Swap:
  • 4.5yr: 3.635%
  • 8yr: 3.658%
  • 18yr: 3.725%
• Coupon:
  • 4.5yr: 4.375% Fixed, p.a. Act/Act (ICMA)
  • 8yr: 4.625% Fixed, p.a. Act/Act (ICMA)
  • 18yr: 4.25% Fixed, p.a. Act/Act (ICMA)
• Benchmark:
  • 4.5yr: OBL 2.5 16-Apr-31 #193 / 96.20% / B+82.2bp / HR 102%
  • 8yr: DBR 2.6 15-Aug-34 / 93.62% / B+106.6bp / HR 101%
  • 18yr: DBR 2.5 04-Jul-44 / 82.20% / B+141.7bp / HR 93%
• ISIN (immediately fungible):
  • 4.5yr: XS2716887760
  • 8yr: XS2536817484
  • 18yr: XS2890435600
• 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
• Stabilisation: ICMA/FCA stabilisation applies
• Timing: Priced, TOE 31s 16:13 UKT, 34s 16:14 UKT, 44s 16:15 UKT, FTT Immediately