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 2.5 billion triple-tranche sovereign bond tap issuance under its EUR 30.8 billion Global Medium Term Note (GMTN) Programme.

In July 2026, the Republic of Bulgaria returned to the international capital markets for the first time since its accession to the euro zone, reopening three existing euro-denominated bond issues with a combined nominal value of EUR 2.5 billion. The transaction comprised:

• a EUR 1 billion tap of the 3.625% Notes due 2032;
• a EUR 1 billion tap of the 4.125% Notes due 2038; and
• a EUR 500 million tap of the 4.125% Notes due 2045.

The notes are listed on the Luxembourg Stock Exchange. The transaction attracted strong investor demand, with orders exceeding EUR 9.5 billion, enabling the Republic of Bulgaria to tighten pricing and optimise its funding costs.

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's GMTN Programme to EUR 30.8 billion.

The DGKV team was led by partner Gergana Monovska with support from senior associate Irina Mihaylova.