New Issue: Bulgaria prices €1.99 billion of notes in tranches due 2023, 2028

By Christine Van Dusen

Atlanta, March 15 – Bulgaria priced a combined €1,994,000,000 of notes in seven- and 12-year tranches (Baa2/BB+/BBB-) on Tuesday, a market source said.

The €1,144,000,000 1 7/8% notes due 2023 priced at 98.192 to yield mid-swaps plus 185 basis points.

The €850 million 3% notes due 2028 priced at 98.237 to yield mid-swaps plus 235 bps.

BNP Paribas, Citigroup, JPMorgan and UniCredit were the bookrunners for the Regulation S deal.

Issuer:	Bulgaria
Amount:	€1,994,000,000
Description:	Senior notes
Bookrunners:	BNP Paribas, Citigroup, JPMorgan, UniCredit
Trade date:	March 15
Settlement date:	March 21
Ratings:	Moody's: Baa2
	Standard & Poor's: BB+
	Fitch: BBB-
Distribution:	Regulation S
2023 notes
Amount:	€1,144,000,000
Maturity:	March 21, 2023
Coupon:	1 7/8%
Price:	98.192
Spread:	Mid-swaps plus 185 bps
2028 notes
Amount:	€850 million
Maturity:	March 21, 2028
Coupon:	3%
Price:	98.237
Spread:	Mid-swaps plus 235 bps

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