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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 18 6 900 761 875
USD 2 1 750 000 000
corporate
EUR 54 892 261 980
USD 28 1 218 448 000

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.) ***
Expert RA *** Foreign curr. scale ***
Expert RA *** Local curr. scale ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
mogo AS, 10% 31mar2021, EUR - Domestic bonds LV0000880029 10% 10 000 000  EUR 12/01/2017 03/31/2021
Citadele Bank, 5.5% 24nov2027, EUR (1) - Domestic bonds LV0000880011 5.5% 20 000 000  EUR 11/24/2017 11/24/2027
ABLV Bank (Latvia), 0% 17nov2027, USD - Domestic bonds LV0000802361 0% 40 000 000  USD 11/17/2017 11/17/2027
Attistibas finansu institucija Altum, 1.3% 17oct2024, EUR (1) - Domestic bonds LV0000802353 1.3% 20 000 000  EUR 10/17/2017 10/17/2024
New Hanza Capital, 4.9% 16oct2022, EUR - Domestic bonds LV0000802312 4.9% 10 000 000  EUR 10/16/2017 10/16/2022
ABLV Bank (Latvia), 2.25% 3jul2019, USD - Domestic bonds LV0000802270 2.25% 75 000 000  USD 07/03/2017 07/03/2019
ABLV Bank (Latvia), 0.75% 3jul2019, EUR - Domestic bonds LV0000802288 0.75% 20 000 000  EUR 07/03/2017 07/03/2019
Storent Investments, 8% 30jun2020, EUR - Domestic bonds LV0000802304 8% 10 000 000  EUR 06/30/2017 06/30/2020
Baltikums Bank, 4% 15jun2024, EUR - Domestic bonds LV0000802296 4% 20 000 000  EUR 06/13/2017 06/15/2024
Latvia, 1.375% 16may2036, EUR - International bonds XS1409726731 1.375% 850 000 000  EUR 06/01/2017 05/16/2036

World Bond Market Indicators

Monthly indices

Type Nov 2017 Oct 2017 Sep 2017 Aug 2017 Jul 2017 Jun 2017 May 2017
EU Long-term interest rates
Latvia, %   0.69 0.71 0.72 0.85 0.98 0.85 0.88
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World Bond market statistics

Monthly indices

Type Nov 2017 Oct 2017 Sep 2017 Aug 2017 Jul 2017 Jun 2017 May 2017
Domestic government bond market (Eastern Europe)
Latvian govt Bonds outst., EUR bln (without Bills) 1.271 1.241 1.241 1.241 1.241 1.093 0.664
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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
Latvian international bonds, USD bln 9.100 9.100 8.000 8.000 7.300 7.100 6.600
BIS net issues of international-bond market of emerging countries
International-bond net issue of Latvia, USD bln 0.100 1.500   0.800 0.000 0.600 0.600

Emerging Markets International Bonds

Monthly indices

Type Nov 2017 Oct 2017 Sep 2017 Aug 2017 Jul 2017 Jun 2017 May 2017
Eastern Europe International Bonds Markets
International bonds of Latvia, USD bln 9.253 9.104 9.203 9.253 9.214 8.969 6.835
Sovereign international bonds of Latvia, USD bln 8.594 8.449 8.545 8.594 8.556 8.318 6.187
Corporate international bonds of Latvia, USD bln 0.659 0.655 0.658 0.659 0.658 0.651 0.648
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Credit Risk Indicators

Daily indices

Type: 01/06/2016 01/05/2016 01/04/2016 12/31/2015 12/30/2015 12/29/2015 12/28/2015
CDS Emerging markets (sov.) 
CDS 5Y Latvia mid * * * * * * *
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Macroeconomic Indicators (World economy)

Monthly indices

Type Nov 2017 Oct 2017 Sep 2017 Aug 2017 Jul 2017 Jun 2017 May 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Latvia) 2.70 2.80 2.90 3.10 2.60 3.00 2.80
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Yearly indices

Type 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Latvia) 40.10 36.40 40.80

Stock market (World)

Daily indices

Type: 12/13/2017 12/12/2017 12/11/2017 12/08/2017 12/07/2017 12/06/2017 12/05/2017
Stock market (Eastern Europe)
OMX Riga (Latvia)  1 025.04 1 019.60 1 008.00 1 018.18 1 020.83 1 026.59 1 034.08
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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 ***.*** -*.**
4Finance, 11.75% 27mar2018, SEK   SEK 03/27/2018 05/18/2016 *** **.** 05/18/2016 *** **.*
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150 000
issues: local and international bonds
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countries
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150 000
issues: local and international bonds
170
countries
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