(Adds details, background)
SOFIA, Sept 15 (Reuters) - Bulgaria plans to raise 2 billion euros ($2.4 billion) on global bond markets and is expected to open a bookbuilding process on Tuesday, two sources familiar with the deal told Reuters.
The European Union country, seeking to bolster its finances amid the COVID-19 pandemic, held an investor call on Monday and plans to offer bonds with maturities of 10 and 30 years, the sources said.
“There is a serious interest and market conditions are good. Bookbuilding is expected to start today,” one source said.
“The bulk of the bonds will be offered with 10 year maturity and a smaller amount will be offered with 30 years,” another source said.
The finance ministry declined to comment.
The Balkan country picked Citi, JP Morgan Chase & Co, BNP Paribas and Unicredit to lead manage the bond sale in the spring, but did not move ahead with the plan then because of market conditions.
The European Union’s poorest member state, but also one of the least indebted, needs to finance a fiscal gap estimated at 3% of economic output this year and set aside liquidity buffers to weather the economic impact of the pandemic.
Rating agencies S&P and Fitch rate Bulgaria at investment grade BBB with a stable outlook.
$1 = 0.8409 euros Reporting by Tsvetelia Tsolova; Editing by Catherine Evans and Mark Potter
Our Standards: The Thomson Reuters Trust Principles.