July 7, 2017 / 8:11 AM / 4 months ago

Bulgaria pays back 950 mln euros of maturing Eurobonds

SOFIA, July 7 (Reuters) - Bulgaria has repaid 950 million euros ($1.1 billion) of a five-year Eurobond in an operation that further reduces the Balkan country’s public debt, the finance ministry said on Friday.

The Balkan country does not plan to tap international markets this year, and the ministry said the repayment will bring the public debt-to-GDP ratio, one of the lowest in the European Union, to 24 percent from 25.9 percent at present.

Bulgaria raised 2.0 billion euros from the global markets in 2016, putting the money aside to prop up banks, but as such support was not needed, the ministry used part of the proceeds to repay maturing Eurobonds. ($1 = 0.8757 euros) (Reporting by Tsvetelia Tsolova; Editing by Hugh Lawson)

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