Bulgaria and the Sustainable Bond Market: A Comparative Regional Analysis

Vanya Tsonkova ()
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Vanya Tsonkova: St. Cyril and St. Methodius University of Veliko Tarnovo

A chapter in Leading Change in Disruptive Times, 2026, pp 688-699 from Springer

Abstract: Abstract The dynamics of the socio-economic environment, escalating environmental challenges, and changes in the European Union’s regulatory framework have led to a growing number of sovereign and sub-sovereign thematic bond issuances, alongside the increasing participation of non-governmental issuers. Despite the existence of a small but functioning bond market in Bulgaria and over 30 years of experience among public and private sector issuers, the country remains without labeled bonds for sustainable development. This study focuses on Bulgaria’s position within the market for green, social, and other sustainable bonds, in comparison with countries that share similar characteristics. The primary objective is to outline the profiles of the countries where such financial instruments have already been introduced, examined across three dimensions: EU member states, Central and Eastern European countries, and the Balkan Peninsula countries. In light of Bulgaria’s lack of contribution to the global and regional sustainable bond market as of the end of 2024, the analysis concludes that the country does not have a comprehensive government strategy for sustainable finance. Coordinated efforts between key institutional stakeholders are needed to stimulate market development through sovereign issuance of green and/or social bonds and complementary policy measures.

Keywords: Sustainable Finance; GSS + Bonds; Sustainable Bond Market (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-032-19276-9_44

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DOI: 10.1007/978-3-032-19276-9_44

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