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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 27 78 093 000 000
EUR 13 13 523 150 000
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 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
Raiffeisenbank Austria d.d Zagreb, FRN perp., EUR - Domestic bonds AT0000A256X2 9.25% 40 000 000  EUR 03/04/2019
Croatia, TB 27feb2020 12m - Domestic bonds HRRHMFT009B2 0% 1 593 000 000  HRK 02/26/2019 02/27/2020

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: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Eastern Europe domestic bonds outstanding volume
[13121] Croatian corporate bonds outst., USD bln 0.743 0.684 0.687 0.686 0.696 0.700 0.759
[13155] Croatian corporate bonds outst. (fin. sector), USD bln 0.218 0.214 0.170 0.170 0.172 0.173 0.173
[13189] Croatian corporate bonds outst. (non-fin. sector), USD bln 0.525 0.515 0.517 0.516 0.524 0.527 0.585
[12815] Croatian corporate bonds outst., EUR bln 0.653 0.652 0.612 0.611 0.612 0.612 0.663
[12849] Croatian corporate bonds outst. (fin. sector), EUR bln 0.192 0.191 0.151 0.151 0.151 0.151 0.151
[12883] Croatian corporate bonds outst. (non-fin. sector), EUR bln 0.462 0.461 0.461 0.460 0.460 0.461 0.511
[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: 07/22/2019 07/19/2019 07/18/2019 07/17/2019 07/16/2019 07/15/2019 07/12/2019
FOREX rates
[9849] USD/HRK 6.5910 6.5765 6.5593 6.5849 6.5951 6.5668 6.5581
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BIS

Quarterly indices

Type: I 2019 III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017
BIS international bonds outstanding volume
[10351] Croatian international bonds, USD bln 16.000 16.200 17.200 16.700 16.500 15.400 15.600
BIS new international bonds volume
[10529] International-bond net issue of Croatia, USD bln 0.000 -0.900 0.900 0.000 1.000 -0.500 -1.700

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: 07/22/2019 07/19/2019 07/18/2019 07/17/2019 07/16/2019 07/15/2019 07/12/2019
CDS Croatia
[13555] CDS 6M Croatia 14.7300 16.2800 16.7900 16.8000 16.8100 16.8200 16.8400
[13617] CDS 1Y Croatia 17.6800 19.5300 20.1400 20.1400 20.1400 20.1400 20.1400
[13679] CDS 2Y Croatia 28.7000 29.2800 29.6500 29.6500 29.6500 29.6400 29.6400
[13741] CDS 3Y Croatia 39.5500 38.7100 38.7800 38.7800 38.7800 38.7800 38.7800
[13803] CDS 4Y Croatia 58.6800 58.1000 58.3500 58.3500 58.3500 58.3500 58.3500
[13865] CDS 5Y Croatia 75.8800 75.8800 76.3600 76.3600 76.3600 76.3600 76.3600
[13927] CDS 7Y Croatia 97.2400 99.8200 99.8600 99.8600 99.8600 99.8500 99.8500
[13989] CDS 10Y Croatia 115.5700 118.3100 118.3100 118.3100 118.3100 118.3100 118.3100
[14051] CDS 15Y Croatia 130.9900 133.6300 133.6100 133.5800 133.5900 133.5800 133.5800
[14113] CDS 20Y Croatia 138.1400 140.6600 140.6500 140.5900 140.6000 140.5800 140.5800
[14175] CDS 30Y Croatia 144.3900 146.7200 146.7100 146.6300 146.6400 146.6100 146.6000
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International bonds outstanding volume

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Eastern Europe international bonds outstanding volume
[21147] International bonds of Croatia, USD bln 17.444 15.654 16.023 16.022 16.087 16.131 16.132
[21181] Corporate international bonds of Croatia, USD bln 1.390 1.425 1.764 1.764 1.732 1.737 1.737
[21215] Sovereign international bonds of Croatia, USD bln 16.054 14.229 14.258 14.258 14.355 14.394 14.395
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Inflation

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Inflation (Eastern Europe)
[15795] Inflation Rate (Croatia) 0.60 0.90 0.70 0.99 0.50 0.20 0.89
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Default probability (based on CDS)

Daily indices

Type: 07/22/2019 07/19/2019 07/18/2019 07/17/2019 07/16/2019 07/15/2019 07/12/2019
Default Probability Croatia (Interactive Data)
[20375] 6M Default Probability Croatia 0.0800 0.0900 0.1000 0.1000 0.1000 0.1000 0.1000
[20437] 1Y Default Probability Croatia 0.2200 0.2400 0.2500 0.2500 0.2500 0.2500 0.2600
[20499] 2Y Default Probability Croatia 0.7400 0.7600 0.7700 0.7700 0.7700 0.7700 0.7800
[20561] 3Y Default Probability Croatia 1.5600 1.5300 1.5300 1.5300 1.5300 1.5300 1.5400
[20623] 4Y Default Probability Croatia 3.1000 3.0800 3.0900 3.0900 3.1000 3.1000 3.1100
[20685] 5Y Default Probability Croatia 5.0200 5.0300 5.0700 5.0700 5.0800 5.0800 5.0900
[20747] 7Y Default Probability Croatia 8.9500 9.2000 9.2000 9.2100 9.2200 9.2200 9.2300
[20809] 10Y Default Probability Croatia 14.9000 15.2500 15.2500 15.2600 15.2700 15.2700 15.2900
[20871] 15Y Default Probability Croatia 24.2800 24.7300 24.7200 24.7300 24.7500 24.7500 24.7700
[20933] 20Y Default Probability Croatia 32.5800 33.0700 33.0600 33.0600 33.1000 33.0900 33.1200
[20995] 30Y Default Probability Croatia 46.3800 46.8900 46.8800 46.8700 46.9200 46.9000 46.9300
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New domestic bonds volume

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
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: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
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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