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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 61 320 000 000
EUR 13 12 717 200 000
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, 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
Croatia, TB 2may2019 12m - Domestic bonds HRRHMFT918B4 0% 502 000 000  HRK 05/02/2018 05/02/2019
Croatia, TB 25apr2019 12m - Domestic bonds HRRHMFT917B6 0% 681 000 000  HRK 04/24/2018 04/25/2019
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

World Bond market statistics

Monthly indices

Type May 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017
Domestic government bond market (Eastern Europe)
Croatian govt Bonds outst., EUR bln (without Bills) 11.80 11.78 11.76 10.96 10.96 10.95 10.85
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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 May 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017
Eastern Europe International Bonds Markets
International bonds of Croatia, USD bln 16.297 16.597 16.728 16.645 16.793 16.516 16.443
Corporate international bonds of Croatia, USD bln 1.756 1.790 1.805 1.795 1.812 1.781 1.772
Sovereign international bonds of Croatia, USD bln 14.541 14.807 14.924 14.850 14.980 14.735 14.671
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Currencies

Daily indices

Type: 06/22/2018 06/21/2018 06/20/2018 06/19/2018 06/18/2018 06/15/2018 06/14/2018
Exchange Rates (Emerging Markets)
USD/HRK 6.3277 6.3505 6.3742 6.3825 6.3526 6.3578 6.3668
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Credit Risk Indicators

Daily indices

Type: 06/22/2018 06/21/2018 06/20/2018 06/19/2018 06/18/2018 06/15/2018 06/14/2018
CDS Croatia (Interactive Data)
CDS 6M Croatia 24.1400 24.4000 24.3400 24.3900 24.1800 24.2900 24.1900
CDS 1Y Croatia 29.0000 29.3100 29.2700 29.3100 29.0500 29.1400 29.0100
CDS 2Y Croatia 39.2700 39.6800 39.6500 39.7100 39.3400 39.4600 39.2800
CDS 3Y Croatia 58.1900 58.8100 58.7800 58.8600 58.2900 58.4800 58.2100
CDS 4Y Croatia 80.9600 81.8300 81.7200 81.8200 81.0400 81.3000 80.9300
CDS 5Y Croatia 104.7000 105.8300 105.6900 105.8100 104.8000 105.1700 104.6700
CDS 7Y Croatia 141.5800 142.9400 142.7000 142.8400 141.6100 142.0700 141.4400
CDS 10Y Croatia 167.0000 168.3900 168.4500 168.5700 167.3000 167.7900 167.1200
CDS 15Y Croatia 190.2600 191.5700 191.7600 191.8500 190.6400 191.1100 190.4100
CDS 20Y Croatia 201.2200 202.4500 202.6800 202.7400 201.5900 202.0300 201.3300
CDS 30Y Croatia 213.9300 215.0300 215.2800 215.3100 214.2300 214.6400 213.9100
Default Probability Croatia (Interactive Data)
6M Default Probability Croatia 0.1600 0.1600 0.1600 0.1700 0.1700 0.1700 0.1700
1Y Default Probability Croatia 0.3900 0.3900 0.4000 0.4000 0.3900 0.4000 0.4000
2Y Default Probability Croatia 1.0600 1.0700 1.0700 1.0800 1.0700 1.0800 1.0700
3Y Default Probability Croatia 2.3600 2.3900 2.3900 2.4000 2.3800 2.3900 2.3800
4Y Default Probability Croatia 4.3900 4.4400 4.4400 4.4500 4.4100 4.4300 4.4200
5Y Default Probability Croatia 7.0900 7.1700 7.1600 7.1700 7.1100 7.1500 7.1200
7Y Default Probability Croatia 13.2300 13.3500 13.3400 13.3500 13.2600 13.3100 13.2700
10Y Default Probability Croatia 21.4900 21.6600 21.6900 21.7000 21.5700 21.6400 21.5700
15Y Default Probability Croatia 34.3800 34.5700 34.6300 34.6300 34.4800 34.5600 34.4700
20Y Default Probability Croatia 45.1600 45.3500 45.4400 45.4200 45.2700 45.3600 45.2500
30Y Default Probability Croatia 62.7000 62.8600 62.9600 62.9100 62.7900 62.8600 62.7500
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Macroeconomic Indicators (World economy)

Monthly indices

Type May 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Croatia) 1.90 1.30 1.10 0.80 1.10 1.20 1.40
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Yearly indices

Type 2017 2016 2015 2014
Government Debt to GDP (World), %
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) 
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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200 000
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countries
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countries
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