VELCHEV:PLANE CRASH NOT TO INFLUENCE BONDS ISSUE

Business | November 12, 2001, Monday // 00:00

“The NYC plane crash will not affect the Bulgarian issue of Eurobonds since trading was already completed,” Finance Minister Milen Velchev said after the Airbus A-300 crash. The co-managers of the issue from Morgan Stanley have informed Velchev that since the crash took place after the London exchange closed, it is not to influence the trade with the Bulgarian bonds. “If the government had waited for the original date of issue, November 13,” the price of the issue could have been affected, he said. The secondary price could be knocked off by half a basis point. The bonds were priced at EUR 100.25 on the secondary market on November 12. "I expect the price of the newly issued Bulgarian bonds to fall but since these are Eurobonds the investors perceive them as less risky.," Velchev said.
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