Austrian, German Investors Offered Most of Bulgaria's Schuldschein Credit
Austrian and German institutional investors offered most of the EUR 290 M that Bulgaria raised in private placement Schuldschein loans to finance its budget shortfall, the finance ministry said.
Deutsche Bank and Raiffeisen Bank International are the arrangers of the Schuldschein loan, which is not well known in Bulgaria and is used to raise capital from both private corporations, municipalities and states.
The loan agreement envisages three tranches of seven, 10 and 15 years paying fixed-rate interest rates.
The loan agreement was ratified by Bulgaria's parliament last month.
Bulgaria and Deutsche Bank had initially agreed on a EUR 360 M Schuldschein loan to help service debt payments and increase fiscal reserves.
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