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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 7 413 296 577
USD 2 1 750 000 000
corporate
EUR 50 863 521 980
USD 19 1 004 123 000

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 ***
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
mogo AS, 9.5% 11jul2022, EUR - International bonds XS1831877755 9.5% 75 000 000  EUR 11/08/2018 07/11/2022
Latvia, 0.6 2nov2023 - Domestic bonds LV0000570166 0.6% 20 000 000  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
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
ABLV Bank (Latvia), 0.95% 27oct2019, EUR - Domestic bonds LV0000802338 0.95% 20 000 000  EUR 10/27/2017 10/27/2019

World Bond Market Indicators

Monthly indices

Type Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
EU Long-term interest rates
Latvia, %   1.01 0.94 0.95 1.06 0.93 0.86 0.80
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World Bond market statistics

Monthly indices

Type Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Domestic government bond market (Eastern Europe)
Latvian govt Bonds outst., EUR bln (without Bills) 1.164 1.268 1.228 1.250 1.230 1.190 1.190
Number of new government bond issues, Latvia 2 2 1 1 1 1  
New issues of government bonds, Latvia, EUR bln 0.08 0.02 0.02 0.02 0.02 0.02  
New issues of government bonds, Latvia, USD mln 86.78 31.57 23.39 23.34 23.16 23.31  
Domestic corporate bond market (Eastern Europe) (without short-term bonds)
Latvian corporate bonds outst., EUR bln 1.01 1.00 1.11 1.11 1.11 1.19  
Number of new corporate bond issues, Latvia (fin. sector) 0.00 0.00 0.00 0.00 0.00 0.00  
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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
Latvian international bonds, USD bln 10.800 11.100 10.900 11.000 9.100 9.100 8.000
BIS net issues of international-bond market of emerging countries
International-bond net issue of Latvia, USD bln -0.500 0.000 -0.400 1.400 0.100 1.500  

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 Latvia sovereign international bonds, USD bln 1.085 1.470 1.146 2.750
Annual new issues of Latvia corporate international bonds, USD bln 0.325 0.166 0.045 0.200
Annual new issues of Latvia corporate international bonds, (financial sector) USD bln 0.325 0.166 0.045 0.200
Annual new issues of Latvia corporate international bonds, (non-financial sector) USD bln 0.000 0.000 0.000 0.000

Emerging Markets International Bonds

Monthly indices

Type Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Volume of Eastern Europe International Bonds Markets
International bonds of Latvia, USD bln 9.623 9.810 9.398 9.459 9.440 9.394 8.246
Corporate international bonds of Latvia, USD bln 0.683 0.689 0.689 0.691 0.690 0.632 0.638
Sovereign international bonds of Latvia, USD bln 8.940 9.121 8.709 8.768 8.750 8.762 7.607
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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 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Latvia) 3.20 3.20 2.80 2.60 2.80 2.30 2.00
Consumer Prices Indices (CPI, Global)
HICP Latvia, Monthly rate of change, % 0.30 0.60 0.00 -0.80 0.70 0.50 0.30
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Yearly indices

Type 2017 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Latvia) 40.10 40.10 36.40 40.80

Stock market (World)

Daily indices

Type: 11/14/2018 11/13/2018 11/12/2018 11/09/2018 11/08/2018 11/07/2018 11/06/2018
Stock market (Eastern Europe)
OMX Riga (Latvia)  963.69 949.07 950.06 949.66 949.02 949.94 950.69
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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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