BULGARIAN EUROBONDS TO BE WITH FIVE-YEAR MATURITY

Business | November 10, 2001, Saturday // 00:00

The last offers for Bulgarian Eurobonds were received in the afternoon on November 9, Finance minister Milen Velchev said on November 10 on the Bulgarian National Radio. He declined to announce the volume of the issue. Minister Velchev said that Standard & Poor’s upgrading of Bulgaria’s long-term credit rating gave considerable impetus to the planned issue. According to the Minister the common thing about the presentations in Athens, Frankfurt, Milan and London was the investors’ great interest in the forthcoming issue. The 0,5% decrease in eurozone interests also reflected positively on the investors. Minister Velchev announced that because of the great interest and the favourable conditions offered the Eurobonds maturity have been changed from three to five years. The Eurobonds price will be officially announced on November 12. Minister Velchev expressed the hope that all political parties will support the issue. According to Piritta Sorsa, Resident Representative of the International Monetary Fund, the total of BGN 7 BLN in the Bulgarian National Bank is going to decrease, which justifies the eurobonds issue now.

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