Business | November 6, 2001, Tuesday // 00:00

The Bulgarian Finance Minister Milen Velchev will visit the biggest European Investment centers, starting November 7. The visit is in connection with the eurobonds, issued by the Bulgarian Government. The roadshow schedule is as follows: Athens November 7 evening, Milan and Frankfurt November 8, and London November 9. On November 1, the Bulgarian Government chose JP Morgan and Morgan Stanley to co-manage the issue of the euro-denominated Eurobonds.The agreements with JP Morgan and Morgan Stanley have been introduced into the Parliamentary Budget Committee and are expected to be ratified by the end of the week. If this is done on November 14, the sovereign issue will be launched on November 15, Velchev said.The market environment is good for a Eurobond issue, the situation in Argentina will not affect interest in the Bulgarian issue, according to Velchev. ”Asked if the parallel Latvian Eurobond issue will dampen investor interest in the Bulgarian one,” Velchev said. “Latvia's investor base is quite different. Its rating is "3B", five levels above Bulgaria's, and is "investor type", whereas Bulgaria is "non-investor type" and an altogether different type of investors are attracted by its bonds. That is why there should be no problems,“ Velchev said. Very few countries are issuing debt and bonds carrying a risk like Bulgaria's are much in demand, he explained. The Finance Minister announced that there was a BGN 5 BLN deficit was left to the current Government by the previous one with Prime Minister Ivan Kostov. Velchev announced that during a press conference on the occasion of the one hundred days since the new Government is in power. Most probably, there will not be thirteen salary and Christmas additional payment for the retired people, it emerged after the briefing.

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