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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 29 78 234 000 000
EUR 12 12 023 150 000
USD 5 7 500 000 000
corporate
EUR 9 700 312 920
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 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 - International 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
Croatia, TB 20feb2020 12m - Domestic bonds HRRHMFT008A6 0% 1 052 000 000  HRK 02/19/2019 02/20/2020
Croatia, TB 13feb2020 12m - Domestic bonds HRRHMFT007B6 0% 1 017 000 000  HRK 02/12/2019 02/13/2020
Croatia, GB 0.5 5feb2022 EUR - Domestic bonds HRRHMFO222E0 0.5% 500 000 000  EUR 02/01/2019 02/05/2022

Forex

Daily indices

Type: 05/21/2019 05/20/2019 05/17/2019 05/16/2019 05/15/2019 05/14/2019 05/13/2019
FOREX rates
[9849] USD/HRK 6.6561 6.6525 6.6537 6.6493 6.6270 6.6135 6.5952
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BIS

Quarterly indices

Type: III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017 I 2017
BIS international bonds outstanding volume
[10351] Croatian international bonds, USD bln 16.200 17.200 16.700 16.500 15.400 15.600 16.900
BIS new international bonds volume
[10529] International-bond net issue of Croatia, USD bln -0.900 0.900 0.000 1.000 -0.500 -1.700 1.300

Domestic bonds outstanding volume

Monthly indices

Type: Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018
Eastern Europe domestic bonds outstanding volume
[13121] Croatian corporate bonds outst., USD bln 0.687 0.686 0.696 0.700 0.759 0.751 0.703
[13155] Croatian corporate bonds outst. (fin. sector), USD bln 0.170 0.170 0.172 0.173 0.173 0.172 0.125
[13189] Croatian corporate bonds outst. (non-fin. sector), USD bln 0.517 0.516 0.524 0.527 0.585 0.580 0.578
[12815] Croatian corporate bonds outst., EUR bln 0.612 0.611 0.612 0.612 0.663 0.663 0.621
[12849] Croatian corporate bonds outst. (fin. sector), EUR bln 0.151 0.151 0.151 0.151 0.151 0.151 0.111
[12883] Croatian corporate bonds outst. (non-fin. sector), EUR bln 0.461 0.460 0.460 0.461 0.511 0.511 0.510
[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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GDP

Yearly indices

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

Credit Default Swaps (CDS)

Daily indices

Type: 05/21/2019 05/20/2019 05/17/2019 05/16/2019 05/15/2019 05/14/2019 05/13/2019
CDS Croatia
[13555] CDS 6M Croatia 23.3200 23.3000 23.2400 23.3600 23.4800 23.4700 23.4600
[13617] CDS 1Y Croatia 28.0800 28.0700 28.0300 28.1800 28.3400 28.3400 28.3300
[13679] CDS 2Y Croatia 35.0100 35.0200 35.0300 35.3200 35.5300 35.5300 35.5400
[13741] CDS 3Y Croatia 47.6200 47.6600 47.7400 48.3300 48.6000 48.6100 48.6300
[13803] CDS 4Y Croatia 68.1500 68.1700 68.2100 68.7800 69.1600 69.1700 69.1800
[13865] CDS 5Y Croatia 86.5800 86.5800 86.5800 87.0600 87.5500 87.5500 87.5500
[13927] CDS 7Y Croatia 107.1600 107.0600 106.8000 106.6100 107.2100 107.2000 107.1900
[13989] CDS 10Y Croatia 124.6000 124.4600 124.1700 123.9200 124.6400 124.6400 124.6700
[14051] CDS 15Y Croatia 138.8400 138.6900 138.4000 138.1500 138.8700 138.8800 138.9200
[14113] CDS 20Y Croatia 145.2800 145.1300 144.8400 144.6000 145.3000 145.3200 145.3500
[14175] CDS 30Y Croatia 150.6600 150.5300 150.2500 150.0300 150.6800 150.7000 150.7300
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Stock exchanges and market participants indices (archive)

Daily indices

Type: 10/30/2013 10/29/2013 10/28/2013 10/25/2013 10/24/2013 10/23/2013 10/22/2013
JP Morgan
[3067] EMBI Global Croatia 340 343 333 329 325 315 321
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International bonds outstanding volume

Monthly indices

Type: Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018
Eastern Europe international bonds outstanding volume
[21147] International bonds of Croatia, USD bln 16.023 16.022 16.087 16.131 16.132 16.042 16.049
[21181] Corporate international bonds of Croatia, USD bln 1.764 1.764 1.732 1.737 1.737 1.727 1.728
[21215] Sovereign international bonds of Croatia, USD bln 14.258 14.258 14.355 14.394 14.395 14.315 14.322
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Inflation

Monthly indices

Type: Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Inflation (Eastern Europe)
[15795] Inflation Rate (Croatia) 1.60 1.40 2.10 2.10 2.40 1.90 1.30
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Default probability (based on CDS)

Daily indices

Type: 05/21/2019 05/20/2019 05/17/2019 05/16/2019 05/15/2019 05/14/2019 05/13/2019
Default Probability Croatia (Interactive Data)
[20375] 6M Default Probability Croatia 0.1800 0.1800 0.1900 0.1900 0.1900 0.1900 0.1900
[20437] 1Y Default Probability Croatia 0.4100 0.4100 0.4100 0.4200 0.4200 0.4200 0.4200
[20499] 2Y Default Probability Croatia 0.9800 0.9800 0.9900 1.0000 1.0000 1.0100 1.0100
[20561] 3Y Default Probability Croatia 1.9800 1.9800 1.9900 2.0200 2.0300 2.0300 2.0400
[20623] 4Y Default Probability Croatia 3.7600 3.7600 3.7700 3.8000 3.8200 3.8300 3.8300
[20685] 5Y Default Probability Croatia 5.9300 5.9300 5.9400 5.9700 6.0100 6.0100 6.0200
[20747] 7Y Default Probability Croatia 10.0800 10.0700 10.0600 10.0400 10.0900 10.1000 10.1100
[20809] 10Y Default Probability Croatia 16.2700 16.2500 16.2200 16.1900 16.2800 16.3000 16.3000
[20871] 15Y Default Probability Croatia 25.8500 25.8200 25.7800 25.7400 25.8600 25.8800 25.8900
[20933] 20Y Default Probability Croatia 34.2300 34.2000 34.1500 34.1100 34.2300 34.2600 34.2700
[20995] 30Y Default Probability Croatia 48.0000 47.9700 47.9100 47.8700 48.0000 48.0400 48.0400
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New domestic bonds volume

Monthly indices

Type: Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 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 0.046 0.000
[13257] New issues of corporate bonds, Croatia (fin. sector), USD bln 0.000 0.000 0.000 0.000 0.000 0.046 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 0.041 0.000
[13053] New issues of corporate bonds, Croatia (fin. sector), EUR bln 0.000 0.000 0.000 0.000 0.000 0.041 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: Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018
Eastern Europe new domestic bonds number
[12917] Number of new corporate bond issues, Croatia 0 0 0 0 0 1 0
[12951] Number of new corporate bond issues, Croatia (fin. sector) 0 0 0 0 0 1 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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