Since teetering on the edge of bankruptcy early this year amid expectations of being the world’s first Brady bond defaulter, Bulgaria appears to be bouncing back. The turning point was the installation of a staunchly pro-reform government in April since when prices across Bulgarian debt markets have rocketed.
Lev denominated T-bills, as well as the three Bradys – discs, flirbs and IABs – have all risen by over 50% making them star performers in the universe of emerging market debt.
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