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Croatia: bonds

The Croatian debt securities market includes government bonds, bonds with government guarantee, corporate bonds and municipal bonds as long-term securities and treasury bills of the Ministry of Finance as well as commercial papers of companies as short-term securities. Croatian eurobonds are also traded in the domestic market.

Government bonds dominate Croatian bond market. The bond market is moving slowly towards a more balanced mix of public sector, quasi-government and private sector bonds. The main debt issuers in Croatia are the state itself, the state funds and agencies, and since 2002 for the first time - corporations.

Since the beginning of the transition process in the Republic of Croatia, three types of long-term government bonds have been issued in the domestic capital market:
a. bonds issued in the international capital market i.e. bonds issued in the foreign markets (Samurai bonds, denominated in JPY) and bonds issued in the euromarket (Eurobonds denominated in EUR, USD, ESP)
b. marketable bonds issued on domestic capital market
c. non-marketable bonds issued on domestic capital market for the purpose of restructuring the economy (“Big bonds”).

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
HRK 26 76 742 001 168
EUR 13 13 505 150 000
USD 5 7 500 000 000
corporate
EUR 8 650 312 800
HRK 7 3 166 177 180
USD 2 850 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Scope Ratings *** Issuer Rating ***
Scope Ratings *** Issuer Rating (foreign currency) ***
Scope Ratings *** Senior Unsecured Debt Rating ***
Scope Ratings *** Senior Unsecured Debt Rating (foreign currency) ***
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 ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Croatia, TB 27aug2020 12m - Domestic bonds HRRHMFT035F8 0% 32 000 000  EUR 08/27/2019 08/27/2020
Croatia, TB 20aug2020 12m - Domestic bonds HRRHMFT034B0 0% 1 168  HRK 08/20/2019 08/20/2020
Croatia, TB 25jun2020 12m - Domestic bonds HRRHMFT026B6 0% 965 000 000  HRK 06/26/2019 06/25/2020
Croatia, 1.125% 19jun2029, EUR - International bonds XS1843434876 1.125% 1 500 000 000  EUR 06/12/2019 06/19/2029
Croatia, TB 28may2020 12m - Domestic bonds HRRHMFT022B5 0% 253 000 000  HRK 05/28/2019 05/28/2020
Croatia, TB 21may2020 12m - Domestic bonds HRRHMFT021A9 0% 283 000 000  HRK 05/21/2019 05/21/2020
Croatia, TB 30apr2020 12m - Domestic bonds HRRHMFT018B3 0% 690 000 000  HRK 04/30/2019 04/30/2020
Croatia, TB 23apr2020 12m - Domestic bonds HRRHMFT017A7 0% 1 158 000 000  HRK 04/23/2019 04/23/2020
Croatia, TB 26mar2020 12m - Domestic bonds HRRHMFT013B4 0% 1 171 000 000  HRK 03/26/2019 03/26/2020
Croatia, TB 5mar2020 12m - Domestic bonds HRRHMFT010B0 0% 962 000 000  HRK 03/05/2019 03/05/2020

Свалка

Daily indices

Type: 10/30/2013 10/29/2013 10/28/2013 10/25/2013 10/24/2013 10/23/2013 10/22/2013
EMBI Global Croatia 340 343 333 329 325 315 321
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Domestic bonds outstanding volume

Monthly indices

Type: Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019
Eastern Europe domestic bonds outstanding volume
[13121] Croatian corporate bonds outst., USD bln 0.662   0.743 0.684 0.687 0.686 0.696
[13155] Croatian corporate bonds outst. (fin. sector), USD bln 0.210 0.212 0.218 0.214 0.170 0.170 0.172
[13189] Croatian corporate bonds outst. (non-fin. sector), USD bln 0.452 0.457 0.525 0.515 0.517 0.516 0.524
[12815] Croatian corporate bonds outst., EUR bln 0.428 0.604 0.653 0.652 0.612 0.611 0.612
[12849] Croatian corporate bonds outst. (fin. sector), EUR bln 0.095 0.192 0.192 0.191 0.151 0.151 0.151
[12883] Croatian corporate bonds outst. (non-fin. sector), EUR bln 0.333 0.412 0.462 0.461 0.461 0.460 0.460
[12329] Croatian municipal bonds outst., USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
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Forex

Daily indices

Type: 09/13/2019 09/12/2019 09/11/2019 09/10/2019 09/09/2019 09/06/2019 09/05/2019
FOREX rates
[9849] USD/HRK 6.6787 6.6830 6.7165 6.6986 6.6943 6.7102 6.7074
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GDP

Yearly indices

Type: 2018 2017 2016 2015 2014
Government debt-to-GDP (Eastern Europe)
[15429] Government Debt to GDP(Croatia) 74.10 78.00 82.70 86.70 86.50

Credit Default Swaps (CDS)

Daily indices

Type: 09/13/2019 09/12/2019 09/11/2019 09/10/2019 09/09/2019 09/06/2019 09/05/2019
CDS Croatia
[13555] CDS 6M Croatia 16.5300 16.9000 17.6200 17.9800 17.4700 17.9800 18.0800
[13617] CDS 1Y Croatia 20.5000 20.9500 21.8300 22.2600 21.6100 22.2000 22.3100
[13679] CDS 2Y Croatia 31.2300 31.3900 31.4400 31.4800 30.1500 32.0200 32.3500
[13741] CDS 3Y Croatia 41.2400 41.1200 40.2700 39.9200 37.9200 41.0900 41.6500
[13803] CDS 4Y Croatia 60.3100 60.2000 59.6700 59.2500 57.9400 60.2300 60.5300
[13865] CDS 5Y Croatia 77.4400 77.4100 77.3600 76.9800 76.4900 77.6600 77.6600
[13927] CDS 7Y Croatia 103.8300 106.2300 110.7700 110.7800 108.5500 95.3600 95.1300
[13989] CDS 10Y Croatia 125.1500 127.8900 133.6600 133.7800 130.3200 113.2000 112.8600
[14051] CDS 15Y Croatia 141.7000 144.4200 150.4000 150.6100 146.7900 128.7200 128.4100
[14113] CDS 20Y Croatia 148.9600 151.5800 157.4200 157.6600 153.8800 136.0800 135.8200
[14175] CDS 30Y Croatia 154.8600 157.2900 162.7500 163.0200 159.4600 142.7200 142.5300
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Historical yields

Daily indices

Type: 09/13/2019 09/12/2019 09/11/2019 09/10/2019 09/09/2019 09/06/2019 09/05/2019
10Y Government Bond Yields, Eastern Europe
[24221] Croatia 10Y YTM 0.569 0.576 0.579 0.591 0.599 0.604 0.604
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International bonds outstanding volume

Monthly indices

Type: Aug 2019 Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019
Eastern Europe international bonds outstanding volume
[21147] International bonds of Croatia, USD bln 17.142 17.444 15.654 16.023 16.022 16.087 16.131
[21181] Corporate international bonds of Croatia, USD bln 1.372 1.390 1.425 1.764 1.764 1.732 1.737
[21215] Sovereign international bonds of Croatia, USD bln 15.770 16.054 14.229 14.258 14.258 14.355 14.394
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Inflation

Monthly indices

Type: Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019
Inflation (Eastern Europe)
[15795] Inflation Rate (Croatia) 1.10 0.60 0.90 0.70 0.99 0.50 0.20
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Default probability (based on CDS)

Daily indices

Type: 09/13/2019 09/12/2019 09/11/2019 09/10/2019 09/09/2019 09/06/2019 09/05/2019
Default Probability Croatia (Interactive Data)
[20375] 6M Default Probability Croatia 0.0600 0.0600 0.0700 0.0700 0.0700 0.0700 0.0700
[20437] 1Y Default Probability Croatia 0.2100 0.2200 0.2300 0.2300 0.2300 0.2400 0.2400
[20499] 2Y Default Probability Croatia 0.7400 0.7500 0.7500 0.7500 0.7200 0.7700 0.7800
[20561] 3Y Default Probability Croatia 1.5400 1.5400 1.5000 1.4900 1.4200 1.5400 1.5600
[20623] 4Y Default Probability Croatia 3.0600 3.0600 3.0300 3.0100 2.9500 3.0700 3.0900
[20685] 5Y Default Probability Croatia 4.9700 4.9600 4.9600 4.9400 4.9100 4.9900 4.9900
[20747] 7Y Default Probability Croatia 9.3300 9.5400 9.9500 9.9600 9.7600 8.5600 8.5400
[20809] 10Y Default Probability Croatia 15.8100 16.1300 16.8300 16.8500 16.4200 14.3200 14.2800
[20871] 15Y Default Probability Croatia 25.7400 26.1400 27.0900 27.1300 26.4900 23.5200 23.4800
[20933] 20Y Default Probability Croatia 34.3400 34.7800 35.8500 35.9000 35.1600 31.7200 31.6900
[20995] 30Y Default Probability Croatia 48.3600 48.8000 49.9200 49.9900 49.1900 45.4700 45.4600
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New domestic bonds volume

Monthly indices

Type: Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019
Eastern Europe new domestic bonds volume
[13223] New issues of corporate bonds, Croatia, USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
[13257] New issues of corporate bonds, Croatia (fin. sector), USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
[13291] New issues of corporate bonds, Croatia (non-fin. sector), USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
[13019] New issues of corporate bonds, Croatia, EUR bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
[13053] New issues of corporate bonds, Croatia (fin. sector), EUR bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
[13087] New issues of corporate bonds, Croatia (non-fin. sector), EUR bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
[12431] New issues of municipal bonds, Croatia, USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
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New international bonds volume

Yearly indices

Type: 2018 2017 2016 2015 2014
Eastern Europe new international bonds volume
[19627] Annual new issues of Croatia sovereign international bonds, USD bln 0.883 2.832 0.000 1.661 1.706
[19661] Annual new issues of Croatia corporate international bonds, USD bln 0.000 0.000 0.000 0.550 0.067
[19695] Annual new issues of Croatia corporate international bonds, (financial sector) USD bln 0.000 0.000 0.000 0.000 0.000
[19729] Annual new issues of Croatia corporate international bonds, (non-financial sector) USD bln 0.000 0.000 0.000 0.550 0.067

New domestic bonds number

Monthly indices

Type: Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019
Eastern Europe new domestic bonds number
[12917] Number of new corporate bond issues, Croatia 0 0 0 0 0 0 0
[12951] Number of new corporate bond issues, Croatia (fin. sector) 0 0 0 0 0 0 0
[12985] Number of new corporate bond issues, Croatia (non-fin. sector) 0 0 0 0 0 0 0
[12363] Number of new municipal bond issues, Croatia 0 0 0 0 0 0 0
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Croatia, 3% 11mar2025, EUR   EUR 03/11/2025 05/18/2016 **.** *.** 05/18/2016 **.* *.**
Croatia, 3.875% 30may2022, EUR   EUR 05/30/2022 05/18/2016 ***.*** *.** 05/18/2016 ***.* *.**
Croatia, 5.5% 4apr2023, USD   USD 04/04/2023 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
Croatia, 5.875% 9jul2018, EUR   EUR 07/09/2018 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
Croatia, 6% 26jan2024, USD   USD 01/26/2024 05/18/2016 ***.**** *.* 05/18/2016 ***.* *.**
Croatia, 6.250% 27apr2017, USD   USD 04/27/2017 05/18/2016 ***.**** *.** 05/18/2016 ***.* *.**
Croatia, 6.375% 24mar2021, USD   USD 03/24/2021 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
Croatia, 6.625% 14jul2020, USD   USD 07/14/2020 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
Croatia, 6.750% 5nov2019, USD   USD 11/05/2019 05/18/2016 ***.*** *.** 05/18/2016 ***.* *.**
Agrokor, 5.25% 8aug2017, EUR   EUR 08/08/2017 05/18/2016 ** * 05/18/2016 *** *
Agrokor, 8.875% 1feb2020, USD   USD 02/01/2020 05/18/2016 ***.** *.* 05/18/2016 ***.** *.**
Agrokor, 9.125% 1feb2020, EUR   EUR 02/01/2020 05/18/2016 ***.*** *.** 05/18/2016 ***.* *.**
Agrokor, 9.875% 1may2019, EUR   EUR 05/01/2019 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
HBOR, 4.807% 11jul2016, EUR   EUR 07/11/2016 05/18/2016 *** -**.** 05/18/2016 ***.** -**.**
HBOR, 5.0% 14jun2017, EUR   EUR 06/14/2017 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
HBOR, 6% 8may2020, EUR   EUR 05/08/2020 05/18/2016 ***.* *.* 05/18/2016 *** *.**
Hrvatska Elektroprivreda, 5.875% 23oct2022, USD   USD 10/23/2022 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Hrvatska Elektroprivreda, 6.0% 9nov2017, USD   USD 11/09/2017 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Zagrebacki Holding, 5.50% 10jul2017, EUR   EUR 07/10/2017 05/18/2016 **.** *.** 05/18/2016 ***.*** *.**
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