300 Million Leva in New Debt Issued by Bulgaria Amid Strong Market Demand
Bulgaria has successfully issued new government securities totaling 300 million leva
Bulgaria Goes for Euro Bond Sale to Repay Debt
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Bulgaria’s Finance Minister Simeon Djankov ia pictured here in parliament. Photo by Sofia Photo Agency
Bulgaria is already preparing the sale of bonds on international markets to finance BGN 1.8 B of global bonds that mature in early 2013, the finance minister announced.
"The best way to repay the debt is a mix of the privatization of state-owned assets, issuing short-term state securities and mid-term euro bonds," Minister Simeon Djankov told the morning broadcast of the state BNT TV channel.
It was not immediately clear how much the bonds offered on international markets will be worth.
Djankov recently came under fire for proposing changes to the governance of the Silver (Retirement) Fund that would enable a more active management of the collected funds and the investment of up to 70% of it in government securities.
The Fund is part of the country's fiscal reserve.
"I will heed the critics and will propose that just 30% of the fund assets are put into state securities by the end of 2012," Djankov said on Thursday.
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