Banks to issue the new national debt selected

“The Ministry of Finance has selected the banks which will issue government securities on international markets,” announced Minister of Finance Simeon Djankov yesterday, but he declined to name specific financial institutions.

More details and the expected rate of return will be revealed during the ratification of the deal in Parliament. According to Djankov, the debt issuing process is running "better than expected". “The steps which we have undertaken so far, together with the ones we will take until the end of the process, are described in a folder and, after the successful ratification of the transaction, it will be handed over to the MPs in order for them to become familiar with the entire information on the deal," said Djankov. By doing so, Djankov expects to avoid the failures which occurred during the previous issuing of securities when the transaction gave rise to controversial public reactions.

A total of 11 banks were officially invited to present their price offers. These financial institutions have participated in the Eurobond market in the last three years. The Minister of Finance is entitled to issue government securities on international markets to the amount of BGN 2 bn or its equivalent in another currency, subject to subsequent ratification.

According to the Ministry of Finance, the country's public debt stood at €6.136 bn at the end of April, out of which the internal debt was nearly €2.61 bn and the foreign debt - €3.52 bn. The debt has increased by nearly €25.36 mln, in nominal terms, in a month reaching 15.3% of GDP.

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