Bosnia and Herzegovina: bonds

Bosnia has a transitional economy with limited market reforms. The economy relies heavily on the export of metals as well as on remittances and foreign aid. A highly decentralized government hampers economic policy coordination and reform, while excessive bureaucracy and a segmented market discourage foreign investment. The interethnic warfare in Bosnia and Herzegovina caused production to plummet by 80% from 1992 to 1995 and unemployment to soar. With an uneasy peace in place, output recovered in 1996-99 but slowed in 2000-02 and picked up again during 2003-08, when GDP growth exceeded 5% per year. However, the country experienced a decline in GDP of nearly 3% in 2009 reflecting local effects of the global economic crisis. GDP has stagnated since then. Foreign banks, primarily from Austria and Italy, now control most of the banking sector. The konvertibilna marka (convertible mark or BAM) - the national currency introduced in 1998 - is pegged to the euro, and confidence in the currency and the banking sector has increased. Bosnia's private sector is growing, but foreign investment has dropped off sharply since 2007.
Public debt
43.8% of GDP (2012 est.)
40.6% of GDP (2011 est.)

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
BAM 89 2 748 867 756
DEM 2 698 443 000
municipal
BAM 6 494 580 000
corporate
BAM 8 72 861 100

Sovereign rating

Rating AgencyRatingRating scaleDate
RIA Rating *** Sovereign ratings ***
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Bosnia and Herzegovina, TB 9aug2017 3m - Domestic bonds BAFBIHT56008 0% 30 000 000  BAM 05/09/2017 08/09/2017
Republic of Srpska, GB 3.5 5may2022 - Domestic bonds BA10RSBDO025 3.5% 50 030 000  BAM 05/03/2017 05/05/2022
Bosnia and Herzegovina, TB 26jul2017 3m - Domestic bonds BAFBIHT55000 0% 30 000 000  BAM 04/25/2017 07/26/2017
Bosnia and Herzegovina, TB 12jul2017, BAM - Domestic bonds 0% 20 000 000  BAM 04/11/2017 07/12/2017
Republic of Srpska, TB 4oct2017 6m - Domestic bonds BA10RS17T044 0% 21 776 836  BAM 04/04/2017 10/04/2017
Republic of Srpska, GB 3.75 15mar2022 - Domestic bonds BA10RSBDO017 3.75% 37 033 500  BAM 03/13/2017 03/15/2022
Republic of Srpska, TB 8sep2017 6m - Domestic bonds BA10RS17T036 0% 19 916 580  BAM 03/09/2017 09/08/2017
Republic of Srpska, TB 4aug2017 6m - Domestic bonds BA10RS17T028 0% 9 960 000  BAM 02/06/2017 08/04/2017
Republic of Srpska, TB 29jan2018 12m - Domestic bonds BA10RS17T010 0% 19 802 000  BAM 01/30/2017 01/29/2018
Republic of Srpska, GB 3.25 27jan2020 - Domestic bonds BA100RSBDOZ3 3.25% 60 797 660  BAM 01/25/2017 01/27/2020

World Bond market statistics

Monthly indices

Type Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016
Domestic government bond market (Eastern Europe)
Bosnia and Herzegovina govt Bonds outst., EUR bln (without Bills) 1.21 1.21 1.19 1.18 1.18 1.14 1.11
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Emerging Markets International Bonds

Monthly indices

Type Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016
Eastern Europe International Bonds Markets
International bonds of Bosnia and Herzegovina, USD bln 0.533 0.545 0.548 0.538 0.552 0.548 0.529
Sovereign international bonds of Bosnia and Herzegovina, USD bln 0.533 0.545 0.548 0.538 0.552 0.548 0.529
Corporate international bonds of Bosnia and Herzegovina, USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
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Currencies

Daily indices

Type: 05/22/2017 05/19/2017 05/18/2017 05/17/2017 05/16/2017 05/15/2017 05/12/2017
Exchange Rates (Emerging Markets)
EUR/BAM 1.9558 1.9558 1.9558 1.9558 1.9558 1.9558 1.9558
EUR/MKD 61.5790 61.4497 61.3631 61.4531 61.4192 61.4649 61.4390
USD/BAM 1.7413 1.7456 1.7613 1.7544 1.7630 1.7814 1.7902
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Macroeconomic Indicators (World economy)

Monthly indices

Type Mar 2017 Feb 2017 Jan 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Bosnia and Herzegovina) 1.40 1.20 0.70
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Yearly indices

Type 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Bosnia and Herzegovina) 30.90 30.90

Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Bosnia and Herzegovina, FRN 11dec2017, DEM   DEM 12/11/2017 05/18/2016 **.**** * 05/18/2016 **.**** *
Bosnia and Herzegovina, FRN 11dec2021, DEM   DEM 12/11/2021 05/18/2016 **.**** * 05/18/2016 **.**** *
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