Serbia: bonds

The borrowing requirements are determined by the budget deficit and the borrowing criteria by the existing debt portfolio, that are defined by The Budget Law of The Republic of Serbia.

The total debt stock as of March 29th 2013 equals EUR 19.39bn, out of which EUR 16.61bn. were direct and EUR 2.78bn contingent liabilities. Serbia seeks to develop its domestic money and capital markets through issuances of Government securities. In the period 2009 – 2012, there was no failed auction of Government Securities. The Eurobond issues increased the portion of the USD debt.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
municipal
RSD 7 6 320 540 000
EUR 3 73 475 000
sovereign
EUR 49 13 105 677 000
RSD 41 646 545 421 000
USD 5 6 330 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
RIA Rating *** Sovereign ratings ***
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** 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
Serbia, GB FRN 26jun2019 - Domestic bonds RSMFRSD72614 Reference Interest Rate NBS + 0.25% 5 225 490 000  RSD 06/22/2017 06/26/2019
Serbia, GB 2 23jun2020 - Domestic bonds RSMFRSD46915 2% 47 378 000  EUR 06/21/2017 06/23/2020
Serbia, GB 2.5 2jun2022 - Domestic bonds RSMFRSD72119 2.5% 100 000 000  EUR 05/31/2017 06/02/2022
Serbia, GB 1 25may2019 - Domestic bonds RSMFRSD71913 1% 49 630 000  EUR 05/23/2017 05/25/2019
Serbia, 3.5 18may2019 - Domestic bonds RSMFRSD85897 3.5% 18 211 970 000  RSD 05/16/2017 05/18/2019
Serbia, TB 23may2018 12m - Domestic bonds RSMFRSD35751 0% 45 662 000  EUR 05/15/2017 05/23/2018
Serbia, GB 4.5 5apr2020 - Domestic bonds RSMFRSD38581 4.5% 37 820 980 000  RSD 04/03/2017 04/05/2020
Serbia, GB 2 24mar2020 - Domestic bonds RSMFRSD89360 2% 34 619 000  EUR 03/22/2017 03/24/2020
Serbia, TB 28mar2018 12m - Domestic bonds RSMFRSD86333 0% 30 014 000  EUR 03/20/2017 03/28/2018
Serbia, GB 3.5 17mar2027 - Domestic bonds RSMFRSD59793 3.5% 82 092 000  EUR 03/15/2017 03/17/2027

World Bond market statistics

Monthly indices

Type May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016
Domestic government bond market (Eastern Europe)
Serbian govt Bonds outst., EUR bln (without Bills) 8.93 8.56 9.09 9.03 8.98 8.95 8.92
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Emerging Markets International Bonds

Monthly indices

Type May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016
Eastern Europe International Bonds Markets
International bonds of Serbia, USD bln 5.930 5.930 5.930 5.930 5.930 5.930 5.930
Sovereign international bonds of Serbia, USD bln 5.930 5.930 5.930 5.930 5.930 5.930 5.930
Corporate international bonds of Serbia, USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
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Currencies

Daily indices

Type: 06/22/2017 06/21/2017 06/20/2017 06/19/2017 06/16/2017 06/15/2017 06/14/2017
Exchange Rates (Emerging Markets)
EUR/RSD  121.78 121.87 121.94 122.11 122.17 122.26 122.39
USD/RSD  109.17 109.22 109.47 109.25 109.18 109.44 108.87
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Macroeconomic Indicators (World economy)

Monthly indices

Type May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Serbia) 3.50 4.00 3.60 3.20 2.40
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Yearly indices

Type 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Serbia) 73.40 70.40

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 Serbia * * * * * * *
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Serbia, 3.75% 1nov2024, USD   USD 11/01/2024 05/18/2016 *** *.** 05/18/2016 ***.* *.**
Serbia, 4.875% 25feb2020, USD   USD 02/25/2020 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Serbia, 5.250% 21nov2017, USD   USD 11/21/2017 05/18/2016 ***.*** *.* 05/18/2016 ***.** *.**
Serbia, 5.88% 3dec2018, USD   USD 12/03/2018 05/18/2016 ***.*** *.** 05/18/2016 ***.* *.**
Serbia, 7.25% 28sep2021, USD   USD 09/28/2021 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
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