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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 62 627 000 000
EUR 13 11 987 200 000
USD 5 7 500 000 000
corporate
EUR 12 1 070 313 160
HRK 6 2 866 177 180
USD 2 850 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
RIA Rating *** Sovereign ratings ***
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.) ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Croatia, TB 28jan2019 12m - Domestic bonds HRRHMFT913B5 0% 414 000 000  HRK 03/27/2018 03/28/2019
Croatia, TB 14mar2019 12m - Domestic bonds HRRHMFT911B9 0% 222 000 000  HRK 03/13/2018 03/14/2019
Croatia, TB 05mar2019 12m - Domestic bonds HRRHMFT910B1 0% 1 200 000 000  HRK 03/06/2018 03/07/2019
Croatia, TB 21feb2019 12m - Domestic bonds HRRHMFT908B5 0% 1 500 000 000  HRK 02/20/2018 02/21/2019
Croatia, TB 14feb2019 12m - Domestic bonds HRRHMFT907B7 0% 1 300 000 000  HRK 02/13/2018 02/14/2019
Croatia, TB 31jan2019 12m - Domestic bonds HRRHMFT905B1 0% 1 200 000 000  HRK 01/30/2018 01/31/2019
Croatia, TB 24jan2019 12m - Domestic bonds HRRHMFT904B4 0% 1 400 000 000  HRK 01/23/2018 01/24/2019
Croatia, TB 03jan2019 12m - Domestic bonds HRRHMFT901B0 0% 1 940 000 000  HRK 01/02/2018 01/03/2019
Croatia, TB 06dec2018 12m - Domestic bonds HRRHMFT849B1 0% 675 000 000  HRK 12/05/2017 12/06/2018
Erste & Steiermarkische Banka, 1.8125% 30nov2022, EUR - Domestic bonds HRRIBAO22BE0 1.8125% 50 000 000  EUR 11/30/2017 11/30/2022

World Bond market statistics

Monthly indices

Type Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017
Domestic government bond market (Eastern Europe)
Croatian govt Bonds outst., EUR bln (without Bills) 11.76 10.96 10.96 10.95 10.85 11.41 11.44
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Quarterly indices

Type I 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
BIS volume of international-bond market of emerging countries
Croatian international bonds, USD bln 16.900 15.500 16.000 16.100 16.300 16.000 15.600
BIS net issues of international-bond market of emerging countries
International-bond net issue of Croatia, USD bln 1.300 0.200 0.100 0.000 0.000 0.500 0.000

Emerging Markets International Bonds

Monthly indices

Type Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017
Eastern Europe International Bonds Markets
International bonds of Croatia, USD bln 16.728 16.645 16.793 16.516 16.443 14.870 14.962
Sovereign international bonds of Croatia, USD bln 14.924 14.850 14.980 14.735 14.671 13.034 13.113
Corporate international bonds of Croatia, USD bln 1.805 1.795 1.812 1.781 1.772 1.836 1.849
Eastern Europe International Bonds Markets (adjusted for amortization)
International bonds of Croatia, USD bln 16.728 16.645 16.793 16.516 16.443 14.870 14.962
Corporate international bonds of Croatia, USD bln 1.805 1.795 1.812 1.781 1.772 1.836 1.849
Sovereign international bonds of Croatia, USD bln 14.924 14.850 14.980 14.735 14.671 13.034 13.113
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Currencies

Daily indices

Type: 04/19/2018 04/18/2018 04/17/2018 04/16/2018 04/13/2018 04/12/2018 04/11/2018
Exchange Rates (Emerging Markets)
USD/HRK 6.0034 5.9901 5.9952 5.9892 6.0226 6.0199 6.0058
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Credit Risk Indicators

Daily indices

Type: 04/18/2018 04/17/2018 04/16/2018 04/13/2018 04/12/2018 04/11/2018 04/10/2018
Default Probability
6M Default Probability Croatia 0.1300 0.1400 0.1400 0.1400 0.1400 0.1400 0.1400
1Y Default Probability Croatia 0.2600 0.2600 0.2600 0.2600 0.2600 0.2600 0.2600
2Y Default Probability Croatia 0.8000 0.8000 0.8000 0.8000 0.8000 0.8000 0.8000
3Y Default Probability Croatia 1.9500 1.9600 1.9600 1.9600 1.9600 1.9600 1.9600
4Y Default Probability Croatia 3.8300 3.8500 3.8500 3.8400 3.8600 3.8500 3.8400
5Y Default Probability Croatia 6.3700 6.3900 6.3900 6.3800 6.4100 6.4000 6.3800
7Y Default Probability Croatia 11.8600 11.8900 11.9000 11.8800 11.9300 11.9000 11.8800
10Y Default Probability Croatia 19.7100 19.7500 19.7500 19.7300 19.8000 19.7600 19.7400
15Y Default Probability Croatia 32.9500 32.9900 32.9900 32.9600 33.0700 32.9900 32.9800
20Y Default Probability Croatia 44.1800 44.2100 44.2100 44.1700 44.3000 44.2100 44.2000
30Y Default Probability Croatia 62.1900 62.1900 62.1900 62.1500 62.3100 62.1900 62.1900
CDS Interactive Data 
CDS 6M Croatia * * * * * * *
CDS 1Y Croatia * * * * * * *
CDS 2Y Croatia * * * * * * *
CDS 3Y Croatia * * * * * * *
CDS 4Y Croatia * * * * * * *
CDS 5Y Croatia * * * * * * *
CDS 7Y Croatia * * * * * * *
CDS 10Y Croatia * * * * * * *
CDS 15Y Croatia * * * * * * *
CDS 20Y Croatia * * * * * * *
CDS 30Y Croatia * * * * * * *
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Macroeconomic Indicators (World economy)

Monthly indices

Type Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017 Aug 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Croatia) 0.80 1.10 1.20 1.40 1.40 1.40 1.00
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Yearly indices

Type 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Croatia) 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) 
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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countries
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