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 47 12 949 507 000
RSD 46 636 538 081 000
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, 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
Serbia, TB 31aug2017 6m - Domestic bonds RSMFRSD40496 0% 800 000 000  RSD 03/02/2017 08/31/2017
Serbia, GB 2.5 23feb2022 - Domestic bonds RSMFRSD21819 2.5% 98 420 000  EUR 02/21/2017 02/23/2022
Serbia, GB 1 20feb2019 - Domestic bonds RSMFRSD34507 1% 71 515 000  EUR 02/14/2017 02/20/2019
Serbia, TB 15feb2018 12m - Domestic bonds RSMFRSD12560 0% 1 790 580 000  RSD 02/07/2017 02/15/2018
Serbia, TB 22jan2018 12m - Domestic bonds RSMFRSD35819 0% 23 133 000  EUR 01/12/2017 01/22/2018
Serbia, GB 2 13jan2020 - Domestic bonds RSMFRSD91820 2% 57 928 000  EUR 01/11/2017 01/13/2020
Serbia, GB 3.5 12jan2019 - Domestic bonds RSMFRSD60304 3.5% 25 000 000 000  RSD 01/10/2017 01/12/2019
Serbia, TB 28dec2017 12m - Domestic bonds RSMFRSD54851 0% 3 221 550 000  RSD 12/20/2016 12/28/2017

World Bond market statistics

Monthly indices

Type Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016
Domestic government bond market (Eastern Europe)
Serbian govt Bonds outst., EUR bln (without Bills) 9.03 8.98 8.95 8.92 9.03 8.82 8.53
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Emerging Markets International Bonds

Monthly indices

Type Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 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: 03/24/2017 03/23/2017 03/22/2017 03/21/2017 03/20/2017 03/17/2017 03/16/2017
Exchange Rates (Emerging Markets)
EUR/RSD  123.95 123.94 123.91 123.91 124.01 124.01 124.00
USD/RSD  114.71 114.95 114.81 114.76 115.40 115.40 115.35
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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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