Bulgaria placed EUR 300m of 10-year government securities maturing on February 11, 2036 with a 3.50% semi-annual coupon. The total bids amounted to EUR 260.6m, which corresponds to a bid-to-cover ratio of 1.74x. The issue was placed at a weighted average yield of 3.84% (+102 bps spread to German Bunds). Recall that the last time Bulgaria placed an issue with a 10-year maturity was in July 2025 and managed to achieve a 3.64% yield.