Linklaters and Bulgaria’s Djingov, Gouginski, Kyutchukov & Velichkov have advised Joint Lead Managers and Bookrunners CitiGroup, BNP Paribas, J.P.Morgan, and UniCredit on Bulgarian legal aspects of the Republic of Bulgaria’s March 14 issuance of EUR 1.994 billion dual tranche bonds. Allen & Overy and Tsvetkova Bebov Komarevski represented the Bulgarian government.
The debt was arranged under a mid-term debt program, and the transaction included a 7-year tranche of EUR 1.144 billion and a 12-year tranche of EUR 850 million. Final orderbook reached EUR 2.1 billion from 195 accounts on the 7 year, and EUR 1.5 billion from 155 investors on the 12 year tranche. Demand came from across Europe, with fund managers and banks dominating in both tranches. The transaction marks the largest EUR denominated deal in Central and Eastern Europe, the Middle East, and Africa to date this year, and it was the first EUR-denominated Sovereign issuance since the announcement of the ECB’s new stimulus package in mid-March.
The Linklaters team was led by Partner Richard O’Callaghan and included Managing Associate Rory Renshaw and Associate Tilak Shah.
Neither Allen & Overy nor Tsvetkova Bebov Komarevski responded to our inquiries on the deal.
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