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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 28 71 568 000 000
EUR 11 11 975 000 000
USD 5 7 500 000 000
corporate
EUR 9 960 312 920
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 2jan2020 12m - Domestic bonds HRRHMFT201B5 0% 2 048 000 000  HRK 01/02/2019 01/02/2020
Croatia, TB 5dec2019 12m - Domestic bonds HRRHMFT949B9 0% 1 872 000 000  HRK 12/04/2018 12/05/2019
Erste & Steiermarkische Banka, 1.5% 30nov2023, HRK - Domestic bonds HRRIBAO23BA6 1.5% 300 000 000  HRK 11/30/2018 11/30/2023
Croatia, TB 21nov2019 12m - Domestic bonds HRRHMFT947B3 0% 1 489 000 000  HRK 11/20/2018 11/21/2019
Croatia, TB 24oct2019 12m - Domestic bonds HRRHMFT943B2 0% 630 000 000  HRK 10/23/2018 10/24/2019
Croatia, TB 29aug2019 12m - Domestic bonds HRRHMFT935B8 0% 199 000 000  HRK 08/29/2018 08/29/2019
Croatia, TB 29aug2019 12m EUR - Domestic bonds HRRHMFT935E2 0% 50 000 000  EUR 08/28/2018 08/29/2019
Croatia, TB 22aug2019 12m - Domestic bonds HRRHMFT934A3 0% 752 000 000  HRK 08/21/2018 08/22/2019
Croatia, GB 2.375 9jul2029 - Domestic bonds HRRHMFO297A0 2.375% 5 000 000 000  HRK 07/04/2018 07/09/2029
Croatia, TB 27jun2019 12m - Domestic bonds HRRHMFT926A9 0% 721 000 000  HRK 06/26/2018 06/27/2019

World Bond market statistics

Monthly indices

Type: Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018
Domestic government bond market (Eastern Europe)
[9861] Croatian govt Bonds outst., EUR bln (without Bills) 12.78 12.78 13.55 13.55 10.58 10.60 11.80
[12013] Number of new government bond issues, Croatia 1 14 13 13 13 14 15
[12047] New issues of government bonds, Croatia, EUR bln 0.25 0.20 0.00 0.00 0.18 0.00 0.14
[12081] New issues of government bonds, Croatia, USD mln 286.74 227.74 0.00 0.00 207.18 0.00 163.45
Domestic corporate bond market (Eastern Europe) (without short-term bonds)
[12815] Croatian corporate bonds outst., EUR bln 0.66 0.66 0.62 0.62 0.62 0.63 0.68
[12883] Croatian corporate bonds outst. (non-fin. sector), EUR bln 0.51 0.51 0.51 0.51 0.51 0.51 0.56
[12951] Number of new corporate bond issues, Croatia (fin. sector) 0.00 1.00 0.00 0.00 0.00 0.00 0.00
[12985] Number of new corporate bond issues, Croatia (non-fin. sector) 0.00 0.00 0.00 0.00 0.00 0.00 0.00
[13223] New issues of corporate bonds, Croatia, USD mln 0.00 45.95 0.00 0.00 0.00 0.00 0.00
[13257] New issues of corporate bonds, Croatia (fin. sector), USD mln 0.00 45.95 0.00 0.00 0.00 0.00 0.00
[13291] New issues of corporate bonds, Croatia (non-fin. sector), USD mln 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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Quarterly indices

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

New issues of Emerging markets International Bonds

Yearly indices

Type: 2018 2017 2016 2015 2014
Annual new International Bonds issues (Eastern Europe)
[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

Emerging Markets International Bonds

Monthly indices

Type: Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018
Volume of Eastern Europe International Bonds Markets
[21147] International bonds of Croatia, USD bln 16.132 16.042 16.049 16.244 16.237 16.304 17.158
[21181] Corporate international bonds of Croatia, USD bln 1.737 1.727 1.728 1.750 1.749 1.757 1.754
[21215] Sovereign international bonds of Croatia, USD bln 14.395 14.315 14.322 14.494 14.488 14.548 15.404
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Currencies

Daily indices

Type: 01/18/2019 01/17/2019 01/16/2019 01/15/2019 01/14/2019 01/11/2019 01/10/2019
Exchange Rates (Emerging Markets)
[9849] USD/HRK 6.5340 6.5267 6.5100 6.5199 6.4809 6.4765 6.4563
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Credit Risk Indicators

Daily indices

Type: 01/18/2019 01/17/2019 01/16/2019 01/15/2019 01/14/2019 01/11/2019 01/10/2019
CDS Croatia (Interactive Data)
[13555] CDS 6M Croatia 27.1800 25.9700 26.4100 25.5900 23.3000 23.4100 23.6300
[13617] CDS 1Y Croatia 35.5200 33.9300 34.4600 33.3900 30.3300 30.4400 30.6700
[13679] CDS 2Y Croatia 44.6100 43.4400 44.0100 42.9700 41.0100 41.0900 41.2500
[13741] CDS 3Y Croatia 53.4300 53.0100 53.5800 52.6800 52.6400 52.6700 52.7100
[13803] CDS 4Y Croatia 72.3500 71.7800 72.5300 71.4000 71.6500 71.6500 71.6600
[13865] CDS 5Y Croatia 92.9000 91.9300 92.9000 91.4400 91.4400 91.4400 91.4400
[13927] CDS 7Y Croatia 122.5600 120.5400 121.8100 120.4400 120.0100 119.9100 119.7400
[13989] CDS 10Y Croatia 143.5100 140.9400 142.4900 141.0100 139.7100 139.6200 139.4400
[14051] CDS 15Y Croatia 158.5900 155.8900 157.4800 156.0500 154.3600 154.2800 154.1100
[14113] CDS 20Y Croatia 164.6600 162.0000 163.5600 162.1800 160.4000 160.3300 160.1800
[14175] CDS 30Y Croatia 169.1000 166.5500 168.0300 166.7400 164.9700 164.8900 164.7700
Default Probability Croatia (Interactive Data)
[20375] 6M Default Probability Croatia 0.1500 0.1500 0.1500 0.1500 0.1400 0.1400 0.1400
[20437] 1Y Default Probability Croatia 0.4400 0.4200 0.4300 0.4200 0.3800 0.3900 0.3900
[20499] 2Y Default Probability Croatia 1.1600 1.1300 1.1500 1.1200 1.0700 1.0800 1.0800
[20561] 3Y Default Probability Croatia 2.1000 2.0900 2.1200 2.0800 2.0900 2.0900 2.1000
[20623] 4Y Default Probability Croatia 3.8400 3.8100 3.8500 3.7900 3.8100 3.8200 3.8200
[20685] 5Y Default Probability Croatia 6.1800 6.1200 6.1800 6.0900 6.0900 6.1000 6.1100
[20747] 7Y Default Probability Croatia 11.3300 11.1400 11.2600 11.1400 11.1100 11.1100 11.1000
[20809] 10Y Default Probability Croatia 18.4500 18.1300 18.3200 18.1500 17.9800 17.9900 17.9800
[20871] 15Y Default Probability Croatia 28.9700 28.5300 28.7800 28.5600 28.2700 28.2700 28.2600
[20933] 20Y Default Probability Croatia 37.8400 37.3400 37.6100 37.3800 37.0200 37.0200 37.0100
[20995] 30Y Default Probability Croatia 51.9500 51.4100 51.7000 51.4500 51.0500 51.0400 51.0400
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Macroeconomic Indicators (World economy)

Monthly indices

Type: Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Inflation Rate (World), % to the same period of the previous year
[15795] Inflation Rate (Croatia) 1.60 1.40 2.10 2.10 2.40 1.90 1.30
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Yearly indices

Type: 2017 2016 2015 2014
Government Debt to GDP (World), %
[15429] Government Debt to GDP(Croatia) 78.00 82.70 86.70 86.50

JP Morgan

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 (publication was suspended since 30.10.2013) 
[3067] EMBI Global Croatia * * * * * * *
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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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