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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 76 329 000 000
EUR 12 12 023 150 000
USD 5 7 500 000 000
corporate
EUR 10 1 000 312 920
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 5mar2020 12m - Domestic bonds HRRHMFT010B0 0% 962 000 000  HRK 03/05/2019 03/05/2020
Raiffeisenbank Austria d.d Zagreb, 9.25% 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
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
Croatia, TB 7may2020 EUR - Domestic bonds HRRHMFT019X5 0% 1 048 150 000  EUR 01/31/2019 05/07/2020
Croatia, TB 30jan2020 12m - Domestic bonds HRRHMFT005B0 0% 354 000 000  HRK 01/29/2019 01/30/2020
Croatia, TB 23jan2020 12m - Domestic bonds HRRHMFT004B3 0% 1 405 000 000  HRK 01/22/2019 01/23/2020
Croatia, TB 2jan2020 12m - Domestic bonds HRRHMFT201B5 0% 2 048 000 000  HRK 01/02/2019 01/02/2020

Forex

Daily indices

Type: 03/19/2019 03/18/2019 03/15/2019 03/14/2019 03/13/2019 03/12/2019 03/11/2019
FOREX rates
[9849] USD/HRK 6.5325 6.5416 6.5500 6.5669 6.5490 6.5664 6.5946
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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: Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018
Eastern Europe domestic bonds outstanding volume
[12815] Croatian corporate bonds outst., EUR bln 0.61 0.61 0.66 0.66 0.62 0.62 0.62
[12883] Croatian corporate bonds outst. (non-fin. sector), EUR bln 0.46 0.46 0.51 0.51 0.51 0.51 0.51
[13121] Croatian corporate bonds outst., USD bln 0.70 0.70 0.76 0.75 0.70 0.72 0.72
[13155] Croatian corporate bonds outst. (fin. sector), USD bln 0.17 0.17 0.17 0.17 0.13 0.13 0.13
[13189] Croatian corporate bonds outst. (non-fin. sector), USD bln 0.52 0.53 0.59 0.58 0.58 0.59 0.59
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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: 03/21/2019 03/20/2019 03/19/2019 03/18/2019 03/15/2019 03/14/2019 03/13/2019
CDS Croatia (Interactive Data)
[13555] CDS 6M Croatia 26.8100 31.1700 22.7100 23.3900 23.4900 23.4800 23.8400
[13617] CDS 1Y Croatia 32.6500 37.9700 31.1700 32.1200 32.1200 32.1200 32.5400
[13679] CDS 2Y Croatia 40.7200 47.2000 40.8900 41.7500 41.7600 41.7600 41.9800
[13741] CDS 3Y Croatia 53.8700 61.9900 51.2400 51.8800 51.8800 51.8800 51.7900
[13803] CDS 4Y Croatia 75.1100 80.8500 69.9000 70.6700 70.6600 70.6600 70.5600
[13865] CDS 5Y Croatia 94.3600 97.2400 89.4900 90.4700 90.4700 90.4700 90.4700
[13927] CDS 7Y Croatia 119.5100 117.8100 113.4200 115.5600 115.5600 115.5600 116.3200
[13989] CDS 10Y Croatia 140.0600 135.0200 132.8400 135.4800 135.4800 135.4800 136.4400
[14051] CDS 15Y Croatia 155.0600 148.6000 147.7700 150.5100 150.5000 150.5100 151.5100
[14113] CDS 20Y Croatia 161.2900 154.4600 154.0800 156.7600 156.7500 156.7700 157.7600
[14175] CDS 30Y Croatia 165.9200 159.0500 159.0500 161.5900 161.5600 161.5900 162.5500
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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: Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018
Eastern Europe international bonds outstanding volume
[21147] International bonds of Croatia, USD bln 16.087 16.131 16.132 16.042 16.049 16.244 16.237
[21181] Corporate international bonds of Croatia, USD bln 1.732 1.737 1.737 1.727 1.728 1.750 1.749
[21215] Sovereign international bonds of Croatia, USD bln 14.355 14.394 14.395 14.315 14.322 14.494 14.488
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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: 03/21/2019 03/20/2019 03/19/2019 03/18/2019 03/15/2019 03/14/2019 03/13/2019
Default Probability Croatia (Interactive Data)
[20375] 6M Default Probability Croatia 0.2700 0.3200 0.0800 0.0800 0.0800 0.0900 0.0900
[20437] 1Y Default Probability Croatia 0.5500 0.6400 0.3200 0.3300 0.3300 0.3300 0.3400
[20499] 2Y Default Probability Croatia 1.2400 1.4300 0.9700 0.9900 1.0000 1.0000 1.0100
[20561] 3Y Default Probability Croatia 2.3700 2.7200 1.9100 1.9300 1.9400 1.9400 1.9400
[20623] 4Y Default Probability Croatia 4.3200 4.6300 3.5500 3.5900 3.6000 3.6000 3.6000
[20685] 5Y Default Probability Croatia 6.6900 6.8600 5.7400 5.8100 5.8200 5.8200 5.8200
[20747] 7Y Default Probability Croatia 11.5300 11.3100 10.2100 10.4000 10.4100 10.4200 10.4900
[20809] 10Y Default Probability Croatia 18.5600 17.8400 16.8100 17.1300 17.1400 17.1600 17.2800
[20871] 15Y Default Probability Croatia 28.9200 27.7500 26.8800 27.3200 27.3200 27.3400 27.5000
[20933] 20Y Default Probability Croatia 37.7000 36.2700 35.5300 36.0300 36.0400 36.0600 36.2400
[20995] 30Y Default Probability Croatia 51.6800 50.0700 49.5600 50.0900 50.0900 50.1300 50.3200
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New domestic bonds volume

Monthly indices

Type: Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018
Eastern Europe new domestic bonds volume
[13019] New issues of corporate bonds, Croatia, EUR bln 0.0000 0.0000 0.0000 0.0405 0.0000 0.0000 0.0000
[13053] New issues of corporate bonds, Croatia (fin. sector), EUR bln 0.0000 0.0000 0.0000 0.0405 0.0000 0.0000 0.0000
[13087] New issues of corporate bonds, Croatia (non-fin. sector), EUR bln 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
[13223] New issues of corporate bonds, Croatia, USD mln 0.00 0.00 0.00 45.95 0.00 0.00 0.00
[13257] New issues of corporate bonds, Croatia (fin. sector), USD mln 0.00 0.00 0.00 45.95 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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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: Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018
Eastern Europe new domestic bonds number
[12917] Number of new corporate bond issues, Croatia 0.00 0.00 0.00 1.00 0.00 0.00 0.00
[12951] Number of new corporate bond issues, Croatia (fin. sector) 0.00 0.00 0.00 1.00 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
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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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