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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 70 274 000 000
EUR 11 11 975 000 000
USD 5 7 500 000 000
corporate
EUR 10 1 010 313 040
HRK 6 2 866 177 180
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 ***
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 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
Croatia, 2.7% 15jun2028, EUR - International bonds XS1713462668 2.7% 750 000 000  EUR 06/06/2018 06/15/2028
Croatia, TB 06jun2019 12m - Domestic bonds HRRHMFT923B4 0% 113 000 000  HRK 06/05/2018 06/06/2019
Croatia, TB 30may2019 12m - Domestic bonds HRRHMFT922A8 0% 335 000 000  HRK 05/29/2018 05/30/2019
Croatia, TB 23may2019 12m - Domestic bonds HRRHMFT921B8 0% 190 000 000  HRK 05/22/2018 05/23/2019

World Bond market statistics

Monthly indices

Type Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Domestic government bond market (Eastern Europe)
Croatian govt Bonds outst., EUR bln (without Bills) 13.55 13.55 10.58 10.60 11.80 11.80 11.78
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Quarterly indices

Type I 2018 IV 2017 III 2017 II 2017 I 2017 IV 2016 III 2016
BIS volume of international-bond market of emerging countries
Croatian international bonds, USD bln 16.700 16.500 15.400 15.600 16.900 15.500 16.000
BIS net issues of international-bond market of emerging countries
International-bond net issue of Croatia, USD bln 0.000 1.000 -0.500 -1.700 1.300 0.200 0.100

New issues of Emerging markets International Bonds

Yearly indices

Type 2017 2016 2015 2014
Annual new International Bonds issues (Eastern Europe)
Annual new issues of Croatia sovereign international bonds, USD bln 2.832 0.000 1.661 1.706
Annual new issues of Croatia corporate international bonds, USD bln 0.000 0.000 0.550 0.067
Annual new issues of Croatia corporate international bonds, (financial sector) USD bln 0.000 0.000 0.000 0.000
Annual new issues of Croatia corporate international bonds, (non-financial sector) USD bln 0.000 0.000 0.550 0.067

Emerging Markets International Bonds

Monthly indices

Type Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Eastern Europe International Bonds Markets
International bonds of Croatia, USD bln 16.049 16.244 16.237 16.304 17.158 16.297 16.563
Corporate international bonds of Croatia, USD bln 1.728 1.750 1.749 1.757 1.754 1.756 1.786
Sovereign international bonds of Croatia, USD bln 14.322 14.494 14.488 14.548 15.404 14.541 14.777
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Currencies

Daily indices

Type: 11/14/2018 11/13/2018 11/12/2018 11/09/2018 11/08/2018 11/07/2018 11/06/2018
Exchange Rates (Emerging Markets)
USD/HRK 6.5574 6.5947 6.6057 6.5540 6.5320 6.4900 6.5159
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Credit Risk Indicators

Daily indices

Type: 11/14/2018 11/13/2018 11/12/2018 11/09/2018 11/08/2018 11/07/2018 11/06/2018
CDS Croatia (Interactive Data)
CDS 6M Croatia 19.1600 17.1500 16.4800 16.4800 16.4800 16.4800 16.4800
CDS 1Y Croatia 24.7700 24.4000 23.4200 23.4200 23.4200 23.4200 23.4200
CDS 2Y Croatia 36.0200 35.9900 34.7500 34.7500 34.7500 34.7600 34.7600
CDS 3Y Croatia 48.9300 48.3600 46.9000 46.9000 46.9000 46.9000 46.9000
CDS 4Y Croatia 69.2900 68.8900 68.2700 68.2700 68.2600 68.2600 68.2600
CDS 5Y Croatia 90.4700 90.4700 90.9500 90.9500 90.9500 90.9500 90.9500
CDS 7Y Croatia 119.7800 122.5000 128.5700 128.8200 128.5700 128.8200 128.5700
CDS 10Y Croatia 142.0900 145.7400 153.5300 153.5300 153.5300 153.5300 153.5300
CDS 15Y Croatia 158.1400 162.0800 170.2800 170.1500 170.2900 170.1500 170.2900
CDS 20Y Croatia 164.5900 168.5200 176.6600 176.4800 176.6600 176.4900 176.6700
CDS 30Y Croatia 169.2700 173.0800 180.9100 180.7100 180.9200 180.7200 180.9300
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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) 
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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