Djingov, Gouginski, Kyutchukov & Velichkov, working with Linklaters, has advised joint lead managers Citigroup, ING Bank, J.P. Morgan, and UniCredit on the dual-tranche EUR 4 billion sovereign bond issuance by the Republic of Bulgaria under its EUR 27 billion global medium-term note program. At the same time, DGKV advised arrangers and dealers BNP Paribas, HSBC, and Societe Generale on the update of the Republic of Bulgaria’s GMTN Program to EUR 27 billion. Tsvetkova Bebov & Partners, member of Eversheds Sutherland, and Clifford Chance advised the Republic of Bulgaria.
According to DGKV, the transaction comprised a EUR 2.25 billion 3.50% tranche due 2034 and a EUR 1.75 billion 4.125% tranche due 2038, both listed on the Luxembourg Stock Exchange. Strong investor demand led to a 2.2 times oversubscription, enabling the issuer to optimize its funding costs.
In 2024, DGKV, Linklaters, Tsvetkova Bebov & Partners, and Clifford Chance advised on the triple-tranche Issuance of EUR 3 billion and USD 1.5 billion sovereign bonds by the Republic of Bulgaria (as reported by CEE Legal Matters on September 18, 2024). In 2023, the firms advised on Bulgaria's EUR 2.3 billion sovereign bond issuance (as reported by CEE Legal Matters on December 4, 2023) and on Bulgaria's EUR 1.5 billion sovereign bond issuance (as reported by CEE Legal Matters on February 16, 2023). In 2022, they advised on another EUR 2.25 billion sovereign bond issuance (as reported by CEE Legal Matters on October 20, 2022).
The DGKV team included Partner Gergana Monovska.
The Tsvetkova Bebov & Partners team included Managing Partner Nikolay Bebov, Partner Damyan Leshev, and Senior Associate Petar Ivanov.