The Republic of Bulgaria, which is preparing to launch a euro-denominated benchmark bond issue via two US investment banks, has laid out a template for how infrequent borrowers can select underwriters for Eurobond deals.

Finance minister Milen Velchev and deputy finance minister Krassimir Katev hired JPMorgan and Morgan Stanley to run the country's €250m ($223m) five-year bond issue. Their decision rankled the US firms' European competitors, who felt that a euro issue required European banks.