Independence, regulation and how advisory mandates are scoped
Financial advisory work for public bodies is bought under a constraint that shapes every bid: the adviser must be, and be seen to be, independent of the transaction it is advising on. Conflict of interest declarations are made at bid stage and cover the whole firm and its affiliates, not the proposed team, and an existing relationship with a likely counterparty is commonly disqualifying. Firms that also arrange or underwrite are frequently excluded from advising on the same transaction, which is why this category has a distinct supplier population from banking services.
Mandates are scoped around a decision with a date attached -- a funding structure, a valuation, a business case, a restructuring, a concession -- and are almost always phased so the buyer can stop. Fees mix a fixed element for defined deliverables with capped time-based charges for support through a process whose length depends on third parties. Success fees are viewed cautiously in public procurement because they align the adviser with completion rather than with the buyer's interest in walking away, and where they are permitted they are usually capped and disclosed.
Evaluation rests on the individuals and on regulatory standing. Buyers check that the firm holds the authorisations its jurisdiction requires for the activity in question, that professional indemnity cover matches the value of the decisions being advised on, and that the named team has done comparable transactions rather than comparable sectors. Because the deliverable is frequently a document that will be relied on by lenders, auditors or a legislature, the terms governing reliance, liability caps and the right to publish the advice are negotiated as hard as the fee.
This section describes how this category is bought generally, across the public buyers that publish it. The figures elsewhere on this page are measured for this market alone.
Who buys financial advisory in Bulgaria?
GlobalGov holds 245 financial advisory records from 99 distinct buying organisations in Bulgaria. The most frequent publishers are International buyer (12 records); International buyer (12 records); International buyer (10 records); International buyer (10 records); International buyer (9 records); International buyer (8 records). Between them the 6 largest account for 25% of everything published, so buying here is spread across many separate authorities.
| Buying organisation | Records | Share |
|---|---|---|
| International buyer | 12 | 4.9% |
| International buyer | 12 | 4.9% |
| International buyer | 10 | 4.1% |
| International buyer | 10 | 4.1% |
| International buyer | 9 | 3.7% |
| International buyer | 8 | 3.3% |
What are financial advisory contracts worth in Bulgaria?
235 of the 245 records publish a contract value. The median is $199,078 and the largest single published value is $295.8M. By size, 97 under $100k, 85 between $100k and $1M, 43 between $1M and $10M, 10 above $10M. The remaining 10 publish no value at all, so every figure here describes the priced subset only, and values are as stated by the buyer rather than as finally awarded.
| Contract size | Records | Share of priced |
|---|---|---|
| under $100k | 97 | 41% |
| between $100k and $1M | 85 | 36% |
| between $1M and $10M | 43 | 18% |
| above $10M | 10 | 4.3% |
How long do bidders get to respond to financial advisory tenders in Bulgaria?
Across the 84 Bulgaria financial advisory notices that publish both a publication date and a closing date, the median response window is 33 days. A quarter of them allowed 31 days or fewer and a quarter stayed open for more than 35. Not one of them closed within a fortnight of being published, so the window on this market is consistently workable.
How often are financial advisory tenders published in Bulgaria?
Bulgaria published 6 notices in this category in the last twelve months. Over the last three years there were 121, spread across 54 separate months of activity since 4 June 2021. June is historically the busiest month. No new notice has been published in this category since 19 February 2026, 224 days ago, so treat the figures above as a record of the market rather than as this week's pipeline.
How does Bulgaria compare with other financial advisory markets?
Among the 30 countries where GlobalGov holds a comparable financial advisory market, Bulgaria ranks 16th by number of records. The largest is France (9,415 records against 245 here). Within Bulgaria itself, financial advisory is the 23rd largest of the 53 procurement categories tracked here.
Where do the Bulgaria financial advisory records on this page come from?
These 245 records are collected from 1 official source: TED (245). GlobalGov is an independent aggregator and is not affiliated with any of them; each record links back to the notice on its issuing portal. The set is rebuilt nightly, and the counts on this page were taken on 2026-10-01.
Most recent Financial Advisory tenders in Bulgaria
None of these are open for bids now — they are the most recent records GlobalGov holds for this market, kept here so the shape of a typical financial advisory notice in Bulgaria is visible. Set an alert to be told when the next one opens.
Bulgaria – Insurance services – Сключване на застраховка „Имущество” на материални активи, собственост на Електроразпределение Север АД
Bulgaria – Insurance services – Сключване на застраховки “Гражданска отговорност“, „Пълно Каско” и „Злополука на местата в МПС“ на служебните автомобили стопанисвани от дирекция ''Интеграция на хора с увреждания, програми и проекти'', дирекция ''Социални услуги за деца и възрастни“ и заведенията за социални услуги“
Bulgaria – Damage or loss insurance services – Предоставяне на застрахователна услуга по застраховка пожар, природни бедствия и други вреди на имуществото на ЕСО ЕАД
Bulgaria – Credit granting services – Изпълнение на финансов инструмент „Микрофинансиране за предприемачество на студенти и докторанти”, финансиран със средства по Програма „Образование“ 2021-2027“
Bulgaria – Insurance services – Предоставяне на застрахователни услуги, за нуждите на “Електроразпределение Север“ АД, по обособени позиции
Bulgaria – Financial leasing services – Предоставяне при условията на оперативен лизинг (дългосрочен наем) на нови неупотребявани автомобили за нуждите на „ЕВН България Електроснабдяване“ ЕАД и „ЕВН България Топлофикация“ ЕАД, по позиции
Bulgaria – Banking and investment services – „Застраховане на имуществени и неимуществени интереси на НОИ по обособени позиции“
Bulgaria – Financial and insurance services – Групова застраховка „Живот“ за служителите на ДП РВД и застраховка „Отнемане на свидетелство за медицинска годност“
Bulgaria – Accident and health insurance services – Допълнително здравно осигуряване на работниците и служителите на „В и К-Варна“ ООД
Other procurement categories in Bulgaria
Medical EquipmentVehicles and FleetVehicle MaintenanceCivil ConstructionFuel SupplyIct EquipmentArchitecture and EngineeringBuilding ConstructionLaboratory EquipmentFood Aid and NutritionOffice FurnitureSoftware DevelopmentManagement ConsultingRoads and Highways InfrastructurePharmaceuticalsWaste ManagementBuilding MaterialsAgricultural EquipmentMaintenance & RepairFacilities and CleaningGround TransportTelecommunicationsEnergyUniforms ClothingHospital ConstructionTraining and Capacity BuildingTransportationCatering ServicesIT ConsultingPrinting PublishingMail CourierRoad & InfrastructureResearch & DevelopmentMilitary LogisticsCommunications PrFreight and LogisticsPower TransmissionCommunity DevelopmentStaffing AugmentationWeapons SystemsWater Supply ProjectsOil Gas UpstreamRenovation RehabilitationSecurity ServicesHealthcare ServicesWarehousingSanitation SewerageFinancial ServicesTraining & EducationDatabase ManagementAudit and AccountingHelpdesk Support
Financial Advisory procurement in other markets
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