Bulgaria - FLIRB Series B

Front Loaded Interest Reduction Bonds (FLIRB) Series B

FLIRB issued under the Brady Plan debt restructuring agreement. Eligible for tendering in privatisation programme at 50% of face value.

Issuer:	The Republic of Bulgaria
Guarantor:	None
Issue Size:	USD 168,967,475
Maturity:	July 28, 2012
Interest Rate:	2 1/2%.........................to July 96 2 3/4%.........................to July 98 3%...............................to July 99 3 1/4%.........................to July 00 3 1/2%.........................to July 01 thereafter......................6-month LIBOR plus 1 5/16%
Coupon Frequency:	Semi-annual
Coupon Dates:	January 28 & July 28
Day Count:	30/360
Issue Date:	July 28, 1994
Amortisation:	Repayable in 21 equal semi-annual installments beginning July 28, 2002
Options:	Callable at par with accrued interest on coupon dates.
Currency:	US Dollar only
Form:	Bearer and registered securities
Denominations:	$250,000 and integral multiples thereof
Credit Rating:	not rated
Principal Collateral:	None
Interest Payment Collateral:	12 month rolling interest payment guarantee expiring July 30, 2001