Bulgaria Eyes New Eurobond Issue by Early June

Bulgaria Eyes New Eurobond Issue by Early June

Bulgaria is considering a new eurobond issue by early June in order to repay a global bond maturing in January next year, finance minister Simeon Dyankov said.

As Bulgaria is operating an IMF-prescribed currency board system, it would take only a couple of weeks to prepare the deal and it could be a fact by the end of May or the beginning of June, Dyankov said in an interview for the state-run Bulgarian National Television (BNT) on Thursday.

Now is the time to go to the market, Dyankov said. If Bulgaria placed a eurobond now, it would have an average annual yield of 5.5%, compared to 7.5% if issued a month or two ago.

Bulgaria is considering a eurobond issue worth between 500 million and 1.0 billion euro ($658.3 million - 1.26 billion) with a five- or seven-year maturity period in order to redeem an 816 million euro global bond maturing in January 2013, Dyankov said in January.

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