Tsvetkova Bebov & Partners, member of Eversheds Sutherland, working with Clifford Chance, has advised the Republic of Bulgaria on its dual-tranche EUR 3.2 billion sovereign bond issuance under its EUR 27 billion global medium-term note program. Djingov, Gouginski, Kyutchukov & Velichkov, working with Linklaters, reportedly advised joint lead managers Citigroup, ING Bank, J.P. Morgan, and UniCredit.
According to Tsvetkova Bebov & Partners, the new transaction comprised a ten-year EUR 2 billion 3.375% tranche and a twenty-year EUR 1.2 billion 4.125% tranche. Both tranches are listed on the Luxembourg Stock Exchange. The new bonds were significantly oversubscribed.
Earlier in 2025, Tsvetkova Bebov & Partners and DGKV advised on the EUR 4 billion dual-tranche issue by the Republic (as reported by CEE Legal Matters on May 14, 2025). 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 Tsvetkova Bebov & Partners team included Managing Partner Nikolay Bebov, Partner Damyan Leshev, and Senior Associate Petar Ivanov.
The DGKV team included Partners Gergana Monovska and Georgi Tzvetkov.
