Bulgaria: Against Payment Settlement enabled for BGN-denominated Treasury Bills and Government Bonds
Clearstream Banking1 informs clients that effective
1 August 2025
clients can now settle BGN-denominated Treasury Bills (T-bills) and Government Bonds via its direct operated link to the Bulgarian National Bank (BNB) using the Against Payment Settlement method.
This latest enhancement aligns with the amendments to Ordinance No. 5 on the Terms and Procedure for Acquisition, Registration, Redemption and Trade in Government Securities made by the Bulgarian National Bank (BNB) and the Ministry of Finance (MoF), which became effective in November 2024.
Impact on clients
Settlement times in Central European Time (CET)
BGN-denominated T-bills and Government Bonds settlement instruction deadlines are as follows:
Instruction | Provisioning | Deadline for receipt of valid instruction | Expected settlement results | ||||
start | end | from | to | Value | |||
AP=Against payment FOP=Free of payment SD=Settlement date | |||||||
BNB - T-bills and government bonds a,b | |||||||
Receipts | FOP | 21:30 | 15:10 | 15:10 | 08:30 | 17:00 | |
AP | 21:30 SD-1 | 11:00 SD | 11:00 SD | 08:30 SD | 17:00 SD | ||
Deliveries | FOP | 21:30 | 15:10 | 15:10 | 08:30 | 17:00 | |
AP | 21:30 SD-1 | 11:00 SD | 11: 00 SD | 08:30 SD | 17:00 SD | ||
a. Matched transactions cannot be unilaterally cancelled by clients. At the end of each settlement date all pending transactions automatically expire in the BNB system. Clients are required to reinstruct with a new SD.
b. For deadlines applicable to the settlement of new issues of Bulgarian government securities, clients should refer to “New issues settlement” under Settlement services – Bulgaria.
Further information
The Market Link Guide – Bulgaria and Settlement Times Matrix will be updated accordingly.
For further information, clients may contact Clearstream Banking Client Services.
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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG clients using Creation accounts), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany, and registered in Register B of the Amtsgericht Frankfurt am Main, Germany, under number HRB 7500.