Bulgaria has raised €3.2 billion in fresh foreign debt through international bond markets, Bulgarian National Radio reported. This marks the country's first issuance of Eurobonds since receiving formal approval for entry into the eurozone and a subsequent upgrade to its credit rating.

The debt was issued in two tranches. The larger portion consisted of 10-year Eurobonds valued at €2 billion. These were sold with an interest rate set at 95 basis points above the mid-swap rate - a figure 40 basis points below the initial guidance, according to a source familiar with the deal cited by Bloomberg.

The second tranche involved a longer-term 20-year Eurobond issuance worth €1.2 billion, priced at a spread of 145 basis points over average swaps.

Investor appetite for both tranches was strong. Bloomberg noted that demand for the 10-year bonds exceeded €8.3 billion, while orders for the 20-year securities surpassed €5.5 billion. The robust interest reflects investor confidence following Bulgaria’s progress toward eurozone membership and improved fiscal credibility.

This latest bond sale follows a similar move in April, when Bulgaria tapped the international markets for another €4 billion, also in two separate tranches.