DGKV advised the joint lead managers on a dual-tranche issue of EUR 4 Bn sovereign bonds by the Republic of Bulgaria under its GMTN Programme

DGKV advised the joint lead managers, Citigroup, ING Bank, J.P. Morgan and UniCredit, on matters of Bulgarian law in relation to a dual-tranche sovereign bond issue placed in April 2025 under the Republic of Bulgaria’s EUR 27 billion Global Medium Term Note Programme.

The issue consists of:

- EUR 2.25 billion 3.5 per cent. tranche due 2034, and

- EUR 1.75 billion 4.125 per cent. tranche due 2038.

The tranches are listed on the Luxembourg Stock Exchange. The issuance attracted strong investor demand and was oversubscribed 2.2 times which allowed the issuer to optimise cost of funding.

DGKV also advised the arrangers and dealers BNP Paribas, Citigroup, HSBC, J.P. Morgan, Société Générale and UniCredit on Bulgarian law aspects of the update of the Republic of Bulgaria’ GMTN Programme to EUR 27 billion.

DGKV’s team was led by partner Gergana Monovska.