Government Securities Market

In accordance with the Government Debt Law, the Minister of Finance issues government securities (GS) on the domestic market. The Ministry of Finance, jointly with the Bulgarian National Bank (BNB), regulates the procedure and the terms and conditions for issuing dematerialized GS on the domestic market. BNB participates in the holding of auctions, in the realization and servicing of the GS issued by performing the function Government agent.
Trading in GS takes is facilitated by the primary dealers (banks and investment intermediaries) who have the right to acquire GS directly at the auctions held by BNB. Only primary dealers who have been granted an authorization for investment intermediation may participate at the auctions. The selection of primary dealers is made once a year in accordance with criteria approved by the Ministry of Finance. The primary dealers have a major role in the organization GS trade on the secondary market.
Every year the Ministry of Finance announces its policy for issuing GS on the domestic market for the following year. The issue calendar for the forthcoming auctions of GS is published on a monthly basis and covers the following month. After each selection of primary dealers, the list of the approved primary dealers in GS is uploaded on the website of the Ministry.
As from 20.07.2005, the Ministry of Finance has terminated the sale of GS aimed at individual investors who are resident and foreign natural persons.
For almost 10 years the Ministry of Finance used to issue government securities of saving nature mostly that were aimed at a specific type of investors - natural persons. The yield used to be fixed and gradually increasing in the form of interest received at half-year periods. GS denominated in BGN and EUR used to be offered which were distributed among investors through certain financial institutions with which the Ministry of Finance used to have contracts signed for the sale of this type of financial instrument. The terms and conditions of the issues used to regulate the manner for payment of interest, principal and buy-back before maturity.
The servicing of the issued bonds aimed at individual investors currently takes place on behalf of and on account of the Ministry of Finance by financial institutions the list of which can be found on the website of the Ministry of Finance.
Debt management policies and objectives are arranged in accordance with the Medium Term Government Debt Management Strategy as adopted by the Council of Ministers.  


Issuance Policy

Issue Calendar

Indicative Issue Calendar


Conducted auction

Bonds issued on international capital markets

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