March 2014 Monthly Update - ujd.gov.rs update for investors... · March 2014 Monthly Update...
Transcript of March 2014 Monthly Update - ujd.gov.rs update for investors... · March 2014 Monthly Update...
March 2014
Monthly Update
Politics On the Parliamentary elections held as of 16 March 2014, Serbian Progressive Party won 48.3% of total votes, followed by Socialistic
Party of Serbia 13.5%, Democratic Party 6.1% and New Democratic Party 5.7%. Serbian Progressive Party will have 158 seats in the
new Parliament composition of total 250, while Socialistic Party of Serbia will have 44 seats. According the conclusions of political
analysts, the current First Deputy Prime Minister and President of the Serbian Progressive Party Aleksandar Vucic will be Prime
minister of the new Government. Vucic has said that the new Government will be established till 1 May 2014 and called all parties
which passed into the National Assembly to start negotiations about forming the new ruling coalition.
On the municipal elections in the City of Belgrade, the Serbian Progressive Party won 43.6% of total votes, followed by Democratic
Party 15.7%, Socialistic Party of Serbia 11.5% and Democratic Party of Serbia 6.4%. The Serbian Progressive Party will have 63 seats
in the new City Parliament of 110 totals. Leaders of winning party have called representatives of other political parties to participate in
negotiations about the forming of the new ruling coalition in the City of Belgrade.
One of the most wanted drug lords, Darko Saric has been arrested as a result of long-lasting investigation and cooperation between
Serbian Security intelligence agency (BIA) and American Central Intelligence Agency (CIA). Saric who is transferred to custody in
Serbia has been accused for the drug smuggling from the Latin America into the Western Europe. Serbian Government has announced
that all cases of illegal cooperation between suspected political and police officials and Saric will be fully investigated
Fiscal Sector In February 2014, public debt of the Republic of Serbia increased from RSD 2,344.5bn (EUR 20.2bn) at the end of January 2014, to
RSD 2,364.9bn (EUR 20.4bn) at the end of February 2014. Central Government public debt to GDP ratio was at the level of 62.9% at
the end of February 2014. The major share of public debt is still in foreign currency out of which in EUR is 46.0%, USD 27.6%, RSD
20.3%, SDR 4.6%, CHF 0.9% and other 0.6% (GBP, JPY, DKK, SEC, NOK). Up to end of February 2014, Public Debt
Administration of the Republic of Serbia managed to meet its obligations which amounted to RSD 76.3bn (EUR 658.1mln), out of
which principal payments amounted to RSD 58.9bn (EUR 508.1mln), while interest and other costs were RSD 17.4bn (EUR 150.0bn).
Vast majority of items repaid up to date belong to Government Securities issued on domestic market RSD 61.4bn (EUR 529.6mln) out
of which principal payments were RSD 50.1bn (EUR 431.7mln) and interest payments were RSD 11.3bn (EUR 97.9mln). Obligations
in respect of foreign creditors were repaid in amount of RSD 6.7bn (EUR 57.5mln), out of which principal RSD 2.8bn (EUR
24.2mln). Payments in respect of guarantees issued by the Government were RSD 7.2bn (EUR 61.8mln) out of which principal RSD
5.3bn (EUR 45.3mln), while interest were RSD 1.9bn (EUR 16.5mln). In order to service all obligations PDA received RSD 76.8bn
(EUR 662.6mln) from domestic market out of which Government Securities issued in domestic currency amounted to RSD 63.4bn
(EUR 546.7mln) while receiving from EUR denominated Government Securities were RSD 13.4bn (EUR 115.8mln). Total receivings
at the end of February 2014, amounted to RSD 78.9bn.
At the auction of 3-year RSD denominated Government Bonds of the Republic of Serbia (annual coupon), issued on March 28th, 2014,
the volume of Government Bonds issued amounted to RSD 20,000,000,000. The total volume of offers amounted to RSD
23,056,150,000, i.e. 115.28% of the issued volume. Government Bonds in the amount of 1,802,448 were realized, having the total
nominal value of RSD 18,024,480,000. This presents 90.12% of the issued volume. Government Bonds were sold at YTM of 10.49%.
The maturity date of the said bonds will be 01 of April 2017. The coupon (10.00% annually) payment date is April 1st. The payments
are on annual basis until maturity date, which is April 1st 2017.
Announcement about changes in auction schedule of Government securities of the Republic of Serbia for April 2014 - The auction of
10 year EUR denominated Government Bonds is scheduled for April 9, 2014. Offering amount will be EUR 125.0mln.
EU to issue economic recommendations to Serbia in May in line with new enlargement approach, to cooperate with IFIs on boosting
countr’s economic growth, official says. The EU will issue economic recommendations to Serbia in May, in line with a new
enlargement approach, which focuses on economic preparation of candidate countries for membership in the bloc. It is too early to say
what the recommendations will be, but it can be assumed that they will refer to the labor market, due to the country’s high
unemployment rate, or to public companies burdening the state budget and competition. Focus is also on the fiscal situation in Serbia,
with the planned deficit at 7.1% of GDP and a growing public debt.
Economy Serbia will register all illegally built property in the real estate cadaster with the help of a USD 40 million loan from the World Bank,
according to the Minister Velimir Ilic. Minister recalled that there are some 1.3 illegally built pieces of real estate in Serbia. According
to the Minister, the EU has asked Serbia to carry out the registration before it can be included in its real estate cadaster.
The first Serbian business and brands fair SASPO 2014 opened on 28th March in Innsbrucka at Austria. There were some 50 stands at
the fair. Speaking at the exhibition, Slavka Draskovic, head of the government’s Office for the Diaspora, said that the two countries
have strong economic ties, adding that Austria is one of Serbia’s major foreign trade partners. She said that over 350 companies in
Vienna were founded by people of Serbian descent.
The World Bank will approve a USD 250 million budget support loan to Serbia if the state launches company restructuring by the
summer, World Bank country manager for Serbia Tony Verheijen has told.
Foreign Direct Investments Italy’s Aunde Group opens car seat covers factory in Jagodina in EUR 3 million investments. Italian vehicle seat manufacturer Aunde
Group has opened a car seat covers factory in Jagodina, called Aunde Srb, following an investment of some EUR 3 million. The plant
will employ more than 200 workers by the end of the year.
Skis Rossignol, a French manufacturer of alpine, snowboard, and Nordic equipment, as well as related outerwear and accessories, is
looking into the possibility of starting production in Smederevo, according to a statement from the local authorities following a
meeting with representatives of the company’s Italian unit and Smederevo Mayor Office.
March 2014
Source: Statistical Office of the Republic of Serbia; National Bank of Serbia; Bloomberg; Ministry of Finance and Economy
* Estimated value; **According to NBS methodology Foreign Debt consist of Public and Private sector debt; Ɨ General Government;
Macroeconomic Data Real GDP growth %
Industrial
production
Feb'14/ Feb'13 %
CPI Current acc.
Balance
Government bonds on international
market YTM as of February 28th
Currency
units/USD Currency units/EUR
2012 2013 2014*
Feb'14
/
Jan'14
Ann. %
Dec. last
12 months
mlnEUR
% of GDP
Serbia 2017
Serbia 2018
Serbia 2020
Serbia 2021
28 Feb 2014
28 Feb 2013
28 Feb 2014
28 Feb 2013
-1.7 2.5 1.0 1.1 0.1 2.6 -1,597.2 -5.0 3.923% 4.480% 4.877% 5.308% 84.6183 84.8448 115.9356 111.5200
* Estimated value
• CPI COICOP is defined as a measure of average change of retail prices of goods and services used for personal consumption. Prices
of these products and services in February 2014 in relation to January 2014 increased by 0.1%, on average. Consumer prices in
February 2014, compared with February 2013, increased by 2.6%, and in relation to December 2013, increase amounted to 1.5%.
Observed by main groups according to destination of consumption in February 2014 in relation to the previous month, the increase of
prices was noted in the following groups: recreation and culture (0.9%), alcoholic beverages and tobacco (0.5%), food and non-
alcoholic beverages and restaurants and hotels (by 0.3% each), health and transport (by 0.2% each), housing, water, electricity, gas and
other fuels and education (by 0.1% each). The decrease of prices was noted in the groups clothing and footwear (-1.8%),
communication (-0.4%) and furnishings, household equipment and routine household maintenance (-0.1%).
• The overall external trade in the Republic of Serbia for January - February 2014 amounted to:
- USD 5,200.8 million - which was a 9.2% increase compared to the same period 2013;
- EUR 3,812.2 million - which was a 6.9% increase compared to the same period 2013.
The value of exports amounted to USD 2,194.0 million, which was 18.2% increase when compared to the same period last year, while
the value of imports amounted to USD 3,006.8 million, which was 3.5% increase relative to the same period last year. Expressed in
Euros, the value of exports amounted to EUR 1,608.3 million, which was the increase of 15.7%, compared to the same period last year.
The value of imports amounted to EUR 2,203.9 million, which was 1.3% increase when compared to the same period last year. The
deficit amounted to USD 812.8 million, which was a decrease of 22.6% in relation to the same period last year. The deficit expressed in
Euros amounted to 595.6 million, which was a decrease of 24.2% compared to the same period last year. The export - import ratio
equaled 73.0% and was higher if compared to the same period last year when it was 63.9%. Expressed in Euros, the value of exports
amounted to EUR 875.3 million, which was an increase of 20.0%, compared to the same month last year. The value of imports amounted
to EUR 1,209.1 million, which was 7.1% increase when compared to the same month last year.
Source: Belgrade Stock Exchange
2.5%
2.2%
4.8%
20.1%
78.6%
Real GDP growth (%)
Inflation rate Ann. (%)
Ɨ Budget deficit (% GDP)
Unemployment rate Oct 2013
**Foreign Debt (% GDP)
2013
1.0%
2.6%
5.5%
20.1%
78.6%
*GDP growth for 2014 (%)
Inflation rate Ann. Feb (%)
*Ɨ Budget deficit (% GDP)
Unemployment rate Oct 2013
**Foreign Debt as of Jan 2014 (% GDP)
2014
6.0
6.5
7.0
7.5
8.0
8.5
9.0
9.5
10.0
% Belgrade OverNight Index Average
250.0
450.0
650.0
850.0
1,050.0
1,250.0Belgrade Stock Exchange Indices
Belex 15 index Belex line index
March 2014
Currency, Interest Rates and FDI
Key Policy Rates of National Bank of Serbia Current value Last change Date of last meeting Next board meeting
Key policy rate - 2w repo 9.50%
-0.50% 06.03.2014 17.04.2014 Deposit facility interest rate 7.00%
Lending facility interest rate 12.00%
Source: National bank of Serbia
Source: National bank of Serbia
• NBS FX reserves amounted to EUR 10,831.8 million at end-February, covering M1 by 351 percent or more than seven months of
imports of goods and services. The largest inflow to FX reserves came from bank allocations under foreign exchange reserve
requirements (EUR 54.5 million net), sale of RS securities in the domestic financial market (EUR 49.6 million) and disbursement of
loans and grants (EUR 31.4 million). Outflows from FX reserves were registered on account of settlement of liabilities to the IMF
(EUR 100.6 million) and foreign creditors (EUR 62.5 million). Net FX reserves, defined as FX reserves less banks’ required reserves
and drawings from the IMF, came at EUR 7,460.0 million. Trading volume in the IFEM reached EUR 411 million, down by EUR 157.3
million from the month before. In the first two months of the year, IFEM trading volume totalled EUR 979.3 million. The dinar
maintained its value against the euro in February, while the NBS intervened in the IFEM by selling EUR 280 million in order to ease
excessive daily volatility of the exchange rate.
• The industrial production in the Republic of Serbia in February 2014, when compared to February 2013, increased by 1.1% and in
relation to 2013 average, it decreased by 11.2%. Industrial production in the period January – February 2014, compared with the same
period 2013, increased by 1.2%.
Foreign Direct Investments in Serbia in period 2008 – December 2013
Source: National bank of Serbia
6789
101112131415
% National Bank of Serbia Interest Rates
Key policy rate - 2w repo Deposit facility interest rate
Lending facility interest rate
80
85
90
95
100
105
110
115
120
In RSD Exchange Rates
EUR/RSD USD/RSD
1,824 1,373 860 1,827 232
760
5.6%
4.7%
3.1%
5.0%
0.8%
2.3%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2008 2009 2010 2011 2012 December 2013
FDI (net), EUR million FDI (net), %GDP
March 2014
Public Debt Report
Public Debt Stock and Structure as of 28th
February 2014: In EUR mln In USD mln In RSD mln GDP %
Direct Liabilities (A)
Internal Debt 7,292 9,991 845,385 22.5%
External Debt 10,312 14,128 1,195,513 31.8%
Direct Liabilities in Total 17,604 24,119 2,040,898 54.3%
Indirect Liabilities (B)
Internal Debt 820 1,124 95,098 2.5%
External Debt 1,974 2,705 228,869 6.1%
Indirect Liabilities in Total 2,794 3,829 323,967 8.6%
Non-Guaranteed Local Government Debt (C)
Internal Debt 327 448 37,892 1.0%
External Debt 127 174 14,754 0.4%
Non-Guaranteed Local Government Debt in Total 454 622 52,646 1.4%
Central Government Public Debt (A+B) 20,398 27,947 2,364,865 62.9%
General Government Public Debt (A+B+C) 20,852 28,570 2,417,511 64.3%
Date Internal Public Debt External Public Debt Monthly Change of Public
Debt Direct Liabilities Indirect Liabilities Direct Liabilities Indirect Liabilities
31/03/13 172.4 -3.6 174.6 1.3 344.8
30/04/13 81.7 37.3 -452.8 24.9 -308.9
31/05/13 -134.8 -2.8 27.6 3.2 -106.8
30/06/13 -84.0 1.7 1.0 12.0 -69.3
31/07/13 2.4 4.2 170.7 -3.9 173.5
31/08/13 -2.5 30.2 43.9 1.6 73.2
30/09/13 21.2 13.0 -101.6 -8.7 -76.0
31/10/13 334.3 4.6 -70.3 -41.5 227.2
30/11/13 154.6 0.0 49.8 2.5 206.8
31/12/13 8.5 5.3 639.0 -19.1 633.6
31/01/14 33.9 -18.5 129.0 -6.1 138.2
28/02/14 203.4 -18.4 -62.0 -4.5 118.6
In EUR million
Source: Public Debt Administration
18,600
18,900
19,200
19,500
19,800
20,100
20,400
20,700
21,000
0
1,500
3,000
4,500
6,000
7,500
9,000
10,500
12,000
13,500
15,000
16,500
18,000
19,500
21,000
In m
illi
on
EU
R
In m
illi
on
EU
R
External debt - indirect liabilities External debt - direct liabilities
Internal debt - indirect liabilities Internal debt - direct liabilities
Central Government Public Debt (right axis)
DYNAMICS OF PUBLIC DEBT
March 2014
INTERNAL DEBT ANALYSIS EXTERNAL DEBT ANALYSIS
Source: Public Debt Administration
Source: Public Debt Administration
Source: Public Debt Administration
39.8%
37.5%
38.0%
38.5%
39.0%
39.5%
40.0%
40.5%
41.0%
Internal Public Debt/Total Public Debt Ratio
60.2%
57.0%
58.0%
59.0%
60.0%
61.0%
62.0%
63.0%
External Public Debt/Total Public Debt Ratio
7,292
820
700
720
740
760
780
800
820
840
860
6,000
6,200
6,400
6,600
6,800
7,000
7,200
7,400
In m
illi
on
EU
R
Internal Public Debt Dynamics
Direct liabilities Indirect liabilities
10,312
1,974
1,500
1,600
1,700
1,800
1,900
2,000
2,100
7,000
7,500
8,000
8,500
9,000
9,500
10,000
10,500
11,000
11,500
In m
illi
on
EU
R
External Public Debt Dynamics
Direct liabilities Indirect liabilities
51.1% 48.2%
0.7%
Internal Debt Currency Structure
RSD EUR USD
44.7%
45.3%
1.5%
7.6% 1.0%
Extrenal debt Currency Structure
EUR USD CHF SDR Other
March 2014
Government Securities DOMESTIC MARKET OVERVIEW
Source: Public Debt Administration
EUROBOND OVERVIEW
Spread to benchmark Spread to US Dollar Interest swap rate
Source: Bloomberg
7.50% 7.79%
8.58%
10.00% 10.38% 11.48%
12.99%
7.5%8.0%8.5%9.0%9.5%
10.0%10.5%11.0%11.5%12.0%12.5%13.0%13.5%
3M 6M 53W 2Y 3Y 5Y 7Y
Last Primary Auctions Accepted Rates
7.71%
8.76%
9.53%
10.59%
13.13% 12.99%
12.49%
7.5%8.0%8.5%9.0%9.5%
10.0%10.5%11.0%11.5%12.0%12.5%13.0%13.5%14.0%
3M 6M 53W 2Y 3Y 5Y 7Y
Average Accepted Rates at Primary Auctions
4.304.604.905.205.505.806.106.406.707.007.307.607.90
96 $98 $
100 $102 $104 $106 $108 $110 $112 $114 $116 $118 $120 $
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Price/YTM Graph - Serbia Eurobond 2021
Closing price YTM
250 bps
280 bps
310 bps
340 bps
370 bps
400 bps
430 bps
460 bps
490 bps
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
In p
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YTM US Dollar Interest Rate Swap - 7Y
Republic of Serbia Eurobond 2021 - Tap
Issuer: Ministry of Finance of the Republic of Serbia
Ratings: BB- (S&P); BB- (Fitch)
Maturity: 28.09.2021
Coupon: 7.25% semi-annual
*Size: USD 2.0bn
**Re-offer yield: 6.625%
Re-offer price: 104.179
Spread to US Treasury Benchmark: 497.0 bps
Announcement date: 27.09.2012
Listing: London Stock Exchange
*Primary auction USD 1,0bn 21.09.2011.; Tap Issuance 27.09.2012.
USD 1,0bn. **Tap Issuance re-offer yield.
Republic of Serbia Eurobond 2021 - Price/Yield
Date Closing Price YTM Monthly price
change %
Monthly yield
change %
28/02/14 111.97 5.308 6.1% -16.1%
31/01/14 105.51 6.328 -0.3% 0.7%
31/12/13 105.82 6.285 0.8% -2.3%
30/11/13 104.95 6.433 0.3% -1.0%
31/10/13 104.59 6.497 0.1% -0.4%
30/09/13 104.48 6.521 3.8% -8.6%
31/08/13 100.68 7.136 -1.9% 4.6%
31/07/13 102.62 6.823 -0.3% 0.8%
30/06/13 102.97 6.771 -7.5% 22.3%
31/05/13 111.29 5.535 -5.2% 17.2%
30/04/13 117.36 4.723 5.5% -15.2%
31/03/13 111.22 5.572 -0.6% 1.4%
March 2014
Republic of Serbia Eurobond 2017
Issuer: Ministry of Finance of the Republic of Serbia
Ratings: BB- (S&P); BB- (Fitch)
Maturity: 21.11.2017
Coupon: 5.250% semi-annual
Size: USD 750.0mln
Re-offer yield: 5.450%
Re-offer price: 99.135
Spread to US Treasury Benchmark: 482.5 bps
Announcement date: 14.11.2012
Listing: London Stock Exchange
Spread to benchmark Spread to US Dollar Interest swap rate
Source: Bloomberg
3.50
3.80
4.10
4.40
4.70
5.00
5.30
5.60
5.90
6.20
6.50
95.0 $
96.0 $
97.0 $
98.0 $
99.0 $
100.0 $
101.0 $
102.0 $
103.0 $
104.0 $
105.0 $
106.0 $
107.0 $
108.0 $
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Price/YTM Graph - Serbia Eurobond 2017
Closing price YTM
270 bps
290 bps
310 bps
330 bps
350 bps
370 bps
390 bps
410 bps
430 bps
450 bps
470 bps
490 bps
510 bps
0.0
0.5
1.0
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2.5
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3.5
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YTM US Dollar Interest Rate Swap - 3Y
Republic of Serbia Eurobond 2017 - Price/Yield
Date Closing Price YTM Monthly price
change %
Monthly yield
change %
28/02/14 104.54 3.923 3.0% -18.4%
31/01/14 101.51 4.808 0.7% -4.0%
31/12/13 100.84 5.008 0.7% -3.8%
30/11/13 100.15 5.208 0.0% -0.2%
31/10/13 100.12 5.217 0.0% 0.2%
30/09/13 100.16 5.205 2.1% -9.5%
31/08/13 98.13 5.753 -0.2% 1.0%
31/07/13 98.32 5.695 -0.1% 0.7%
30/06/13 98.44 5.655 -4.0% 22.7%
31/05/13 102.56 4.609 -2.9% 18.9%
30/04/13 105.67 3.877 2.4% -13.3%
31/03/13 103.22 4.472 0.3% -1.8%
March 2014
Republic of Serbia Eurobond 2020
Issuer: Ministry of Finance of the Republic of Serbia
Ratings: BB- (S&P); BB- (Fitch)
Maturity: 25.02.2020
Coupon: 4.875% semi-annual
Size: USD 1.5bn
Re-offer yield: 5.150%
Re-offer price: 98.401
Spread to US Treasury Benchmark: 378.4 bps
Announcement date: 14.02.2013
Listing: London Stock Exchange
Republic of Serbia Eurobond 2020 - Price/Yield
Date Closing Price YTM Monthly price
change %
Monthly yield
change %
28/02/14 99.99 4.877 4.8% -15.6%
31/01/14 95.42 5.781 0.3% -0.7%
31/12/13 95.17 5.821 1.3% -3.8%
30/11/13 93.98 6.048 -0.7% 2.5%
31/10/13 94.66 5.899 1.1% -3.2%
30/09/13 93.63 6.091 3.3% -8.8%
31/08/13 90.64 6.679 -1.7% 5.3%
31/07/13 92.22 6.344 -0.4% 1.5%
30/06/13 92.61 6.250 -6.3% 22.9%
31/05/13 98.81 5.086 -4.2% 17.3%
30/04/13 103.15 4.335 4.2% -14.3%
31/03/13 98.95 5.056 0.9% -2.8%
Spread to benchmark Spread to US Dollar Interest swap rate
Source: Bloomberg
4.00
4.50
5.00
5.50
6.00
6.50
7.00
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89.0 $
91.0 $
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95.0 $
97.0 $
99.0 $
101.0 $
103.0 $
105.0 $
107.0 $
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Price/YTM Graph - Serbia Eurobond 2020
Closing price YTM
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300 bps
330 bps
360 bps
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420 bps
450 bps
480 bps
0.0
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YTM US Dollar Interest Rate Swap - 6Y
March 2014
Republic of Serbia Eurobond 2018 - Price/Yield
Date Closing Price YTM Monthly price change %
Monthly yield change %
28/02/14 105.89 4.480 3.7% -16.4%
31/01/14 102.16 5.360 0.4% -1.9%
31/12/13 101.74 5.465 0.6% -2.6%
Spread to Benchmark Spread to US Dollar Swap Interest rate
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Price/YTM Graph - Serbia Eurobond 2018
Closing price YTM
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290 bps
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450 bps
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YTM US Dollar Interest Rate Swap - 5Y
Republic of Serbia Eurobond 2018
Issuer: Ministry of Finance of the Republic of Serbia
Ratings: BB- (S&P); BB- (Fitch); B1(Moody’s)
Maturity: 03.12.2018
Coupon: 5.875 % semi-annual
Size: USD 1.0bn
Re-offer yield: 6.125%
Re-offer price: 98.937
Spread to US Treasury Benchmark: 476.5 bps
Announcement date: 21.11.2013
Listing: London Stock Exchange
March 2014
Amortizing bond - London Club 2024
Auction Date Maturity Date Par Value Market value Coupon %
01/10/2004 01/11/2024 1,080,000,000 972,000,190 6.75%
Price/Yield
Date Closing Price YTM Monthly price change % Monthly yield change %
28/02/14 101.21 6.589 1.3% -2.6%
31/01/14 99.88 6.765 1.1% -2.0%
31/12/13 98.83 6.904 0.2% -0.3%
30/11/13 98.67 6.925 0.4% -0.7%
31/10/13 98.29 6.975 0.5% -0.9%
30/09/13 97.80 7.038 1.2% -2.1%
31/08/13 96.65 7.191 -1.4% 2.6%
31/07/13 97.98 7.011 -1.5% 2.9%
30/06/13 99.49 6.814 -1.8% 3.4%
31/05/13 101.27 6.589 -0.5% 0.9%
30/04/13 101.78 6.528 1.3% -2.5%
31/03/13 100.43 6.696 -0.1% 0.2%
AMORTIZING BOND – LONDON CLUB 2024 OVERVIEW
Spread to benchmark Spread to US Dollar Interest swap rate
Source: Bloomberg
6.30
6.40
6.50
6.60
6.70
6.80
6.90
7.00
7.10
7.20
7.30
7.40
7.50
7.60
7.70
7.80
7.90
8.00
94.0 $
95.0 $
96.0 $
97.0 $
98.0 $
99.0 $
100.0 $
101.0 $
102.0 $
103.0 $
In p
erce
nta
ge
Price/YTM Graph Amortizing Bond - Serbia London Club 2024
Closing price YTM
425 bps
450 bps
475 bps
500 bps
525 bps
550 bps
575 bps
600 bps
625 bps
650 bps
675 bps
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
7.0
7.5
8.0
8.5
In p
erce
nta
ge
YTM US Dollar Interest Rate Swap - 10Y