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 84 2 584 544 863
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
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
Bosnia and Herzegovina, 2.95 28dec2019 - Domestic bonds BAFBIHK21A05 2.95% 40 000 000  BAM 12/27/2016 12/28/2019
Bosnia and Herzegovina, TB 23jun2017 6m - Domestic bonds BAFBIHT53005 0% 50 000 000  BAM 12/22/2016 06/23/2017
Bosnia and Herzegovina, GB 3.5 21dec2021 - Domestic bonds 3.5% 60 000 000  BAM 12/20/2016 12/21/2021
Republic of Srpska, TB 7jun2017 6m - Domestic bonds BA10RS16T103 0% 13 493 304  BAM 12/07/2016 06/07/2017
Bosnia and Herzegovina, TB 7jun2017 6m - Domestic bonds 0% 5 000 000  BAM 12/06/2016 06/07/2017
Republic of Srpska, GB 4.5 7dec2023 - Domestic bonds BA100RSBDOV2 4.5% 25 740 000  BAM 12/05/2016 12/07/2023
Bosnia and Herzegovina, TB 22nov2017 12m - Domestic bonds 0% 15 800 000  BAM 11/22/2016 11/22/2017

World Bond market statistics

Monthly indices

Type Jan 2017 Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016 Jul 2016
Domestic government bond market (Eastern Europe)
Bosnia and Herzegovina govt Bonds outst., EUR bln (without Bills) 1.18 1.18 1.14 1.11 1.11 1.05 1.05
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Emerging Markets International Bonds

Monthly indices

Type Jan 2017 Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016 Jul 2016
Eastern Europe International Bonds Markets
International bonds of Bosnia and Herzegovina, USD bln 0.538 0.552 0.548 0.529 0.517 0.648 0.649
Sovereign international bonds of Bosnia and Herzegovina, USD bln 0.538 0.552 0.548 0.529 0.517 0.648 0.649
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: 02/20/2017 02/17/2017 02/16/2017 02/15/2017 02/14/2017 02/13/2017 02/10/2017
Exchange Rates (Emerging Markets)
EUR/BAM 1.9558 1.9558 1.9558 1.9558 1.9558 1.9558 1.9558
EUR/MKD 61.3943 61.3801 61.3849 61.4892 61.3841 61.3801 61.6698
USD/BAM 1.8429 1.8429 1.8335 1.8466 1.8498 1.8449 1.8399
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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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