ORDERS FOR OVER BGN 2 B RECEIVED FOR THE FOREIGN DEBT DEAL

Business | March 22, 2002, Friday // 00:00

Orders from investors, amounting to over BGN 2 B, have been received in the Finance Ministry, Finance Minister Milen Velchev told the Bulgarian National radio. The concrete results from the swap will be known after 1.30 pm today. According to Velchev the investors’ interest has been a little higher than expected. The Bulgarian foreign debt swap auction was launched at 1100 GMT March 21. The Finance Ministry exchanges part of Bulgaria's Brady bonds with new Eurobonds and expects the deal to result in net nominal reduction of Bulgaria's foreign debt of some USD 100 M. The new eurobonds are with fixed interest rate and are floated in two issues, one in euro, which will mature in January 2013 and another one in dollars, to be paid in January 2015.

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