Bulgaria Preparing to Issue up to 2.0 Bln Euro Debt on Intl Markets

Bulgaria Preparing to Issue up to 2.0 Bln Euro Debt on Intl Markets

The Bulgarian government said it has authorised the country's finance minister to prepare the issuance of government bonds worth up to 3.9 billion levs ($2.8 billion/2.0 billion euro) on international markets.

"The Council of Ministers has authorised finance minister Petar Chobanov to hold talks with the banks chosen to manage the debt issue and with the consultant on the issue,  as well as to draft and sign on behalf of Bulgaria all documents connected with the negotiations, organisation and placement of the issue," it said in a press release.

Part of the proceeds from the issue will go to re-finance a $1.09 billion global bond maturing in 2015, it added. The remainder, alongside proceeds from  government securities sold on the domestic market, will be used to cover state debt maturing in 2014 and the projected budget deficit for this year.

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