On Monday, March 14, Bulgaria successfully issued a 1.994 billion euro dual tranche Reg S Senior Unsecured transaction, the Finance Ministry said in a press release on Tuesday. The deal consisted of a 1.144 billion 7-year and a 850 million euro 12-year tranche. The 7-year tranche was priced at 98.192 euro with a 1.875 per cent coupon at a spread of 185 basis points over mid-swaps (MS) (2.156 per cent yield), while the 12-year tranche was priced at 98.237 euro with a 3.000 per cent coupon at 235 basis points over mid-swaps (3.179 per cent yield).
BNP Paribas, Citi, JP Morgan and UniCredit acted as Joint Lead Managers and Bookrunners for the transaction.
Taking advantage of favorable market conditions after extensive easing measures announced by the European Central Bank (ECB) at its Governing Council meeting last Thursday, the parties decided on a swift intra-day execution strategy. Initial price talks were announced at London open at MS+205 basis points for the 7-year and MS+245 basis points for the 12-year tranche, with sizes set at Benchmark.