Montenegro: bonds

At 31 March 2010, total general government debt amounted to EUR 1,130 million or 36.3 per cent. of GDP, of which domestic debt made up EUR 410.3 million or 13.2 per cent. of GDP and external debt EUR 719.8 million or 23.1 per cent. of GDP. At the same date, the total amount of outstanding guarantees issued by the Government was EUR 180.2 million or approximately 6 per cent. of GDP. Guarantees are usually only issued in favour of international financial institutions such as EIB, EBRD and KfW in respect of the obligations of state-owned companies for key infrastructure projects such as power sector rehabilitation, water supply and transport infrastructure. The Government has, however, also issued guarantees for certain banks to EIB and KfW as part of its efforts to support the banking sector during the recent global financial crisis.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
EUR 14 1 538 423 513
corporate
EUR 1 10 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
RIA Rating *** Sovereign ratings ***
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 ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Montenegro, TB 14jun2017 3m - Domestic bonds MEMNMNT234P1 0% 15 000 000  EUR 03/14/2017 06/14/2017
Montenegro, TB 30aug2017 6m - Domestic bonds MEMNMNT233P3 0% 20 964 300  EUR 02/28/2017 08/30/2017
Montenegro, TB 22aug2017 6m - Domestic bonds MEMNMNT232P5 0% 40 350 000  EUR 02/21/2017 08/22/2017
Montenegro, TB 14jul2017 6m - Domestic bonds MEMNMNT231P7 0% 24 450 000  EUR 01/12/2017 07/14/2017
Montenegro, GB16 4 15nov2020 - Domestic bonds MEGB16KA1PG4 4% 80 410 000  EUR 11/15/2016 11/15/2020
Montenegro, 5.75% 10mar2021, EUR - International bonds XS1377508996 5.75% 300 000 000  EUR 03/03/2016 03/10/2021
Montenegro, 3.875% 18mar2020, EUR - International bonds XS1205717702 3.875% 500 000 000  EUR 03/12/2015 03/18/2020
Hipothekarna banka, 6% 26nov2021 - Domestic bonds MEHBO1KA1PG0 6% 10 000 000  EUR 12/03/2014 11/26/2021
Montenegro, 5.375% 20may2019, EUR - International bonds XS1069342407 5.375% 280 000 000  EUR 05/13/2014 05/20/2019
Montenegro, GB14 - Domestic bonds MEGB14KA1PG6 4.939% 43 150 000  EUR 03/04/2014 03/03/2018

World Bond market statistics

Monthly indices

Type Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016
Domestic government bond market (Eastern Europe)
Montenegro govt Bonds outst., EUR bln (without Bills) 0.38 0.38 0.17 0.15 0.36 0.36 0.28
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Emerging Markets International Bonds

Monthly indices

Type Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016
Eastern Europe International Bonds Markets
International bonds of Montenegro, USD bln 15.173 16.534 15.166 15.267 15.135 15.167 15.356
Sovereign international bonds of Montenegro, USD bln 1.176 1.152 1.144 1.166 1.138 1.220 1.264
Corporate international bonds of Montenegro, USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
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Macroeconomic Indicators (World economy)

Monthly indices

Type Apr 2017 Mar 2017 Feb 2017 Jan 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Montenegro) 2.30 2.70 2.50 2.00
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Yearly indices

Type 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Montenegro) 61.40 53.97

Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Montenegro, 3.875% 18mar2020, EUR   EUR 03/18/2020 05/18/2016 **.** *.** 05/18/2016 **.* *.**
Montenegro, 5.375% 20may2019, EUR   EUR 05/20/2019 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Montenegro, 5.75% 10mar2021, EUR   EUR 03/10/2021 05/18/2016 ***.** *.* 05/18/2016 ***.*** *.**
Montenegro, FRN 9dec2016, EUR   EUR 12/09/2016 05/18/2016 ***.** * 05/18/2016 ***.** *
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