MNI INTERVIEW: Euro To Help Bulgarian Debt Spreads

Bulgaria is likely to keep to its usual debt issuance calendar following the adoption of the euro in January 2026, the Bulgarian Finance Ministry told MNI, adding that joining the single currency could potentially improve the country’s credit rating and narrow spreads.

Euro membership should have little direct impact for the maturity mix of Bulgarian issuance, which will depend on government financing needs and market demand, the ministry said in emailed replies to questions.

Asked whether additional issuance could be added to the calendar to account for what has been reported will be an increase in the fiscal deficit to 3% of GDP in 2026 as economic growth picks up, the ministry noted that the issuance calendar for 2026 will be prepared after adopting the 2026 State Budget Act.

The currency denomination of new bonds will also depend on market conditions, the ministry said, when asked about the split between euros and dollars. (See MNI INTERVIEW: Bulgaria Hawkish GovCo Voice - Ex-Deputy PM)