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Latvia: bonds

In Latvia the fixed income market is small by international standards, yet it has developed a versatile legislative framework and adequate institutions. The Latvian fixed income market is formed by the governmental bonds, mortgage bonds, and corporate bonds. In 2008 these segments took s 73 %, 16 %, and 11 %, respectively. Government bonds strongly dominate the Latvian capital market in the aspect of both amount and liquidity.

Development of Latvia's government bond market started in December 1993. Since 1999, government bonds have been actively traded at the Riga Stock Exchange. The attractiveness of Latvian government bonds is determined by the good country rating and the fact that the volume of the non-government bonds is not large.

One of the basic features of Latvia's capital market is the preference that non-financial enterprises have for banks' credit over the issuance of bonds. Bond yields are usually higher than credit interest rates, therefore issue of bonds is not attractive to companies. Banks are the most active issuers in the corporate bond segment.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
EUR 17 8 424 539 774
USD 2 1 750 000 000
corporate
EUR 47 822 416 980
USD 17 854 123 000

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
Latvia, 0 31jan2025 - Domestic bonds LV0000570174 0% 16 000 000  EUR 07/03/2019 01/31/2025
VIA SMS Group, 10% 22may2022, EUR - Domestic bonds LV0000880094 10% 10 000 000  EUR 05/22/2019 05/22/2022
Latvia, 1.875% 19feb2049, EUR - International bonds XS1953056253 1.875% 1 000 000 000  EUR 05/20/2019 02/19/2049
mogo AS, 9.5% 10jul2022, EUR - International bonds XS1831877755 9.5% 75 000 000  EUR 11/08/2018 07/10/2022
Latvia, 0.5 2nov2023 - Domestic bonds LV0000570166 0.5% 250 000 000  EUR 10/31/2018 11/02/2023
Latvia, 2.25% 15feb2047, EUR - International bonds XS1566190945 2.25% 1 000 000 000  EUR 09/05/2018 02/15/2047
Latvia, 1.125% 30may2028, EUR - International bonds XS1829276275 1.125% 500 000 000  EUR 09/05/2018 05/30/2028
Development Finance Institution Altum, 1.3% 7mar2025, EUR (2) - Domestic bonds LV0000880037 1.3% 10 000 000  EUR 03/07/2018 03/07/2025
Latvia, 0.25 12may2023 - Domestic bonds LV0000570158 0.25% 250 000 000  EUR 01/10/2018 05/12/2023
mogo AS, 10% 31mar2021, EUR - Domestic bonds LV0000880029 10% 10 000 000  EUR 12/01/2017 03/31/2021

Domestic bonds outstanding volume

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Eastern Europe domestic bonds outstanding volume
[13129] Latvian corporate bonds outst., USD bln 1.042 1.030 1.028 1.028 1.038 1.140 1.141
[13163] Latvian corporate bonds outst. (fin. sector), USD bln 0.760 0.752 0.750 0.750 0.756 0.856 0.857
[13197] Latvian corporate bonds outst. (non-fin. sector), USD bln 0.282 0.277 0.279 0.279 0.282 0.284 0.284
[12823] Latvian corporate bonds outst., EUR bln 0.917 0.922 0.917 0.917 0.913 0.996 0.996
[12857] Latvian corporate bonds outst. (fin. sector), EUR bln 0.668 0.674 0.668 0.668 0.664 0.748 0.748
[12891] Latvian corporate bonds outst. (non-fin. sector), EUR bln 0.248 0.248 0.248 0.248 0.248 0.248 0.248
[12337] Latvian municipal bonds outst., USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
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Stocks indices

Daily indices

Type: 07/19/2019 07/18/2019 07/17/2019 07/16/2019 07/15/2019 07/12/2019 07/11/2019
Stock market (Eastern Europe)
[1535] OMX Riga (Latvia)  1 034.91 1 031.76 1 024.19 1 019.27 1 009.46 1 017.29 1 024.18
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BIS

Quarterly indices

Type: I 2019 III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017
BIS international bonds outstanding volume
[10357] Latvian international bonds, USD bln 12.700 12.200 11.500 10.800 11.100 10.900 11.000
BIS new international bonds volume
[10519] International-bond net issue of Latvia, USD bln 0.800 0.800 1.100 -0.500 0.000 -0.400 1.400

GDP

Yearly indices

Type: 2018 2017 2016 2015 2014
Government debt-to-GDP (Eastern Europe)
[15281] Government Debt to GDP(Latvia) 35.90 40.10 40.10 36.40 40.80

International bonds outstanding volume

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Eastern Europe international bonds outstanding volume
[21129] International bonds of Latvia, USD bln 10.818 10.667 10.368 10.367 10.484 9.730 9.732
[21163] Corporate international bonds of Latvia, USD bln 0.713 0.708 0.709 0.709 0.713 0.714 0.714
[21197] Sovereign international bonds of Latvia, USD bln 10.105 9.959 9.658 9.658 9.771 9.016 9.017
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Inflation

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Inflation (Eastern Europe)
[15631] Inflation Rate (Latvia) 3.00 3.30 3.40 2.77 2.89 3.05 2.55
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Historical yields (monthly)

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Yields on long-term domestic bonds of Eastern Europe
[4299] Latvia 10Y Government Bond Yield  0.33 0.51 0.58 0.70 0.81 0.95 1.05
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New domestic bonds volume

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Eastern Europe new domestic bonds volume
[13231] New issues of corporate bonds, Latvia, USD bln 0.000 0.011 0.000 0.000 0.000 0.000 0.000
[13265] New issues of corporate bonds, Latvia (fin. sector), USD bln 0.000 0.011 0.000 0.000 0.000 0.000 0.000
[13299] New issues of corporate bonds, Latvia (non-fin. sector), USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
[13027] New issues of corporate bonds, Latvia, EUR bln 0.000 0.010 0.000 0.000 0.000 0.000 0.000
[13061] New issues of corporate bonds, Latvia (fin. sector), EUR bln 0.000 0.010 0.000 0.000 0.000 0.000 0.000
[13095] New issues of corporate bonds, Latvia (non-fin. sector), EUR bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
[12439] New issues of municipal bonds, Latvia, USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
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New international bonds volume

Yearly indices

Type: 2018 2017 2016 2015 2014
Eastern Europe new international bonds volume
[19609] Annual new issues of Latvia sovereign international bonds, USD bln 1.168 1.085 1.470 1.146 2.750
[19643] Annual new issues of Latvia corporate international bonds, USD bln 0.087 0.325 0.166 0.045 0.200
[19677] Annual new issues of Latvia corporate international bonds, (financial sector) USD bln 0.087 0.325 0.166 0.045 0.200
[19711] Annual new issues of Latvia corporate international bonds, (non-financial sector) USD bln 0.000 0.000 0.000 0.000 0.000

New domestic bonds number

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Eastern Europe new domestic bonds number
[12925] Number of new corporate bond issues, Latvia 0 1 0 0 0 0 0
[12959] Number of new corporate bond issues, Latvia (fin. sector) 0 1 0 0 0 0 0
[12993] Number of new corporate bond issues, Latvia (non-fin. sector) 0 0 0 0 0 0 0
[12371] Number of new municipal bond issues, Latvia 0 0 0 0 0 0 0
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Latvia, 0.5% 15dec2020, EUR   EUR 12/15/2020 05/18/2016 *** *.** 05/18/2016 ***.**** *.**
Latvia, 1.375% 16may2036, EUR   EUR 05/16/2036 05/18/2016 **.* *.** 05/18/2016 **.*** *.**
Latvia, 1.375% 23sep2025, EUR   EUR 09/23/2025 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
Latvia, 2.625% 21jan2021, EUR   EUR 01/21/2021 05/18/2016 ***.** *.** 05/18/2016 ***.**** *.**
Latvia, 2.750% 12jan2020, USD   USD 01/12/2020 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
Latvia, 2.875% 30apr2024, EUR   EUR 04/30/2024 05/18/2016 ***.*** *.** 05/18/2016 ***.* *.**
Latvia, 5.250% 16jun2021, USD   USD 06/16/2021 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
Latvia, 5.250% 22feb2017, USD   USD 02/22/2017 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Latvia, 5.50% 5mar2018, EUR   EUR 03/05/2018 05/18/2016 ***.*** -*.** 05/18/2016 ***.*** -*.**
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