DGKV advised the joint lead managers, BNP Paribas, Erste Group Bank, ING Bank, J.P. Morgan and KBC Bank, on Bulgarian law aspects of the Republic of Bulgaria’s EUR 2.25 billion triple-tranche sovereign bond tap issuance under its EUR 30.8 billion Global Medium Term Note (GMTN) Programme.

In late September 2026, the Republic of Bulgaria made its second international capital markets transaction of the year by reopening three existing euro-denominated bond issues with a combined nominal value of EUR 2.25 billion. The transaction comprised:

• a EUR 1 billion tap of the 4.375% Notes due 2031;
• a EUR 750 million tap of the 4.625% Notes due 2034; and
• a EUR 500 million tap of the 4.250% Notes due 2044.

The notes are listed on the Luxembourg Stock Exchange.

The DGKV team was led by partner Gergana Monovska.