Bulgaria Selling 2 Billion Euros of Bonds as Demand Cuts Yield

Bulgaria drew enough demand from debt investors to cut initial yields on its first benchmark-sized Eurobond offering in a year.

The European Union’s poorest country is selling 1.14 billion euros (1.27 billion) of seven-year notes at 185 basis points above the euro mid-swap rate and 850 million euros of 12-year securities at a spread of 235 basis points, according to a person with knowledge of the transaction who asked not to be identified because the details are private. That compares with initial guidance of about 205 basis points and 245 basis points, respectively.