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Bulgaria to Pay EUR 879 M on Foreign Debt in 10 Days
Date: 12/01/2013
Source: Paper Standart

Bulgaria to Pay EUR 879 M on Foreign Debt in 10 Days

The next bonds maturity dates are in 2015 and 2017

(Sofia, Jan 5, 2012) - EUR 879,849,875 ? this is the sum that Bulgaria is to pay on its foreign debt on January 15th, 2013, the finance ministry said.

Thus, Bulgaria will fully pay off the emission of Eurobonds with a 7.5-percent interest, emitted in 2002 by Milen Velchev, finance minister in the Saxe-Coburg-Gotha-led Cabinet.

So as to pay off this loan, the Bulgarian government emitted new Eurobonds worth 950 million euro in 2012. Finance Minister Simeon Djankov released the emission with a lower interest of 4.25%. This sum was thus deposited in the Fiscal Reserve, from where it will now be withdrawn to pay off on the bonds maturing on January 15th.

At the end of November 2012 the Fiscal Reserve was 6.8 billion levs, but it will drop to five billion levs after the foreign debt payment is executed.

In 2015, Bulgaria is to pay USD 1,086,351,000 on an emission of Eurobonds with an interest of 8.25%, emitted again by Milen Velchev in 2002.

In 2017, Bulgaria is to pay EUR 950 million on the 2012 Eurobonds emission.

Martin Lekov

Topic: Financial

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