Ex-Economy Minister: Bulgaria Unlikely to Enter Eurozone in Early 2025
In a recent interview on Nova TV, former Minister of Economy Bogdan Bogdanov expressed skepticism regarding Bulgaria's prospects of entering the Eurozone at the outset of 2025
The average interest of the EUR 290 M Schuldschein loan that Bulgaria raised in private placement to finance its budget shortfall ranges between 3.4%-4.6%, the finance ministry said.
The government raised EUR 156 M in a 15-year loan with an average interest of 4.6%, EUR 103.5 M in a 10-year credit at 4.1% and EUR 30.5 M in a 7-year loan at 3.397%.
Austrian and German institutional investors offered most of the EUR 290 M that Bulgaria raised in private placement Schuldschein loans.
Deutsche Bank and Raiffeisen Bank International acted as 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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