Bulgaria Eurobonds’ issues oversubscribed 3x

16.09.2020 Source: Bloomberg; FFBH

Yesterday Bulgaria successfully placed two Eurobond issues. Earlier this week it became clear that the government will be offering two new sovereign Eurobond issues for up to EUR 2bn in aggregate with 10y and 30y maturities. The final size of the placement was EUR 1.25bn for each maturity. Offers for EUR 3.9bn were placed for the 10y issue, while the 30y received EUR 3.6bn bids. The 10y spread was set MS+60bps and the 30y spread was set MS+145bps. Initial expectations for the yields were in the 0.375-0.5% range on the 10-year bond and in the 1.75-1.85% range for the 30-year bond.