Bulgaria sold euro-denominated benchmark bonds in three tranches, its second international debt transaction since joining the euro area this year. The Balkan country reopened bonds due in 2031 with a €1 billion tranche priced at 60 basis points over mid-swaps, according to a person familiar with the deal. It also sold €750 million of notes due in 2034 at 95 basis points over mid-swaps, and €500 million of 2044 bonds with a 160 basis-point spread. Total demand exceeded €6.1 billion.

Bulgaria, with one of the lowest debt levels in the EU, plans a deficit of 5.7% of GDP this year, nearly double the bloc’s 3% limit. Prime Minister Rumen Radev’s government seeks the highest deficit in almost three decades after his May election win secured a parliamentary majority, leading to Fitch Ratings upgrading Bulgaria’s outlook to positive.

The government previously sold €2.5 billion in bonds in July and issued €1.755 billion in domestic auctions since January. Bookrunners included BNP Paribas SA, Erste Group Bank AG, ING Groep NV, JP Morgan Chase & Co., and KBC Group NV.