Djingov, Gouginski, Kyutchukov & Velichkov, working with Linklaters, has advised BNP Paribas, Citigroup, ING, and UniCredit as the joint lead managers on the September 2024 triple-tranche sovereign bond issue by the Republic of Bulgaria under its EUR 20 billion global medium term note program. Tsvetkova Bebov & Partners, member of Eversheds Sutherland, and Clifford Chance advised the Republic of Bulgaria.
According to DGKV, the issue consists of a EUR 1.75 billion 3.625% tranche due 2032, a EUR 1.25 billion 4.250% tranche due 2044, and a USD 1.5 billion 5% tranche due 2037. The tranches are listed on the Luxembourg Stock Exchange and “the issuance attracted robust investor interest and marked the return of Bulgaria to the USD markets after 20 years.”
In 2023, Clifford Chance and Tsvetkova Bebov & Partners 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.
The Clifford Chance team included UK-based Partner Deborah Zandstra and Senior Associate Sophie Wilkinson.
