“EUR 250 M will enter the budget of the Finance Ministry from the eurobonds. The Finance Ministry in this way found a new source for funding.” Finance Minister Milen Velchev said. He added that the price of the Bulgarian eurobonds went up with 1% during the passed week. J. P. Morgan, U. S. investment bank and co-lead manager of the Bulgarian Eurobond issue, recommended Bulgaria’s Front Loaded Interest Reduction Bonds (FLIRBs) as “buy” and Bulgaria’s Discount Bonds (DISCs) as “sell” in its recent report on the emerging debt markets. The recommendations were based on the relatively high prices of Bulgarian DISCs and the low prices of Bulgarian FLIRBs. Principal payments of FLIRBs make FLIRBs more attractive to international investors in debt instruments. The payments of FLIRBs are due to begin in mid-2002.

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