Bulgaria braves new ground
Borrower: Bulgaria
Deal type: Brady exchange
Deal amount: $2.2 billion
Advisers: JPMorgan, Citigroup
Sovereign debt exchanges can be politically controversial. So they are often only considered by a government that is either fairly secure in its power, or – like Argentina – is desperate. So some were surprised that Bulgaria’s government, after only a year in power, would want to take the risk of undertaking Europe’s first Brady exchange, particularly when both the finance minister and his deputy are former investment bankers and so perhaps easy targets for populist accusations of access capitalism.
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