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TBK, Clifford Chance, DGKV, and Linklaters Advise on Bulgaria's Eurobonds

TBK, Clifford Chance, DGKV, and Linklaters Advise on Bulgaria's Eurobonds

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Tsvetkova Bebov Komarevski and Clifford Chance have advised the Republic of Bulgaria on its dual tranche EUR 2.5 billion eurobond issuance. Djingov, Gouginski, Kyutchukov & Velichkov and Linklaters advised lead managers Citi, JP Morgan, BNP Paribas, and Unicredit.

The two tranches are each for EUR 1.25 billion, with one (with a fixed annual coupon of 0.375 percent) due in September 2030 and one (with a fixed annual coupon of 1.375 percent) due in September 2050. The official disclosure is on the Luxembourg Stock Exchange. The deals closed on September 23, 2020, and final orders reportedly stood at EUR 3.6 billion for the 10-year bond and EUR 3.6 billion for the 30-year bond (which represents the first 30-year tranche ever by Bulgaria). 

The issuance is part of Bulgaria’s EUR 10 billion Global Medium Term Note Program.

According to Bulgaria’s Finance Minister Kiril Ananiev, the funds raised are designed to finance the government’s economic measures to blunt the impact of the Covid-19 crisis and refinance maturing debt.

TBK's team consisted of Managing Partners Nikolay Bebov and Irina Tsvetkova, Managing Associate Damyan Leshev, Counsel Maria Karacholova, Associate Petar Ivanov, and Of Counsel Kristina Dimitrova.

Clifford Chance's London-based team was led by Partner David Dunnigan and included Senior Associates Eric Green and Paula Popescu and Lawyer Arielle Littles.

DGKV's team consisted of Partner Georgi Tzvetkov, Counsel Valentin Bojilov, and Senior Associate Gergana Monovska.

Linklaters London-based team included Partner Richard O’Callaghan and Managing Associate Rory Renshaw.

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