31.10.2016
Monthly Update
Politics Prime Minister Aleksandar Vucic encouraged Hungarian businesspeople present at a Serbia-Hungary business forum in the southern
Serbian city of Nis on 21st of November to invest in Serbia, saying that the government will offer them the best possible terms. The
forum, which brought together some 250 representatives of 170 Hungarian and Serbian companies, was also attended by Hungarian
Prime Minister Viktor Orban.
The European Commission has published Serbia progress report for 2016. As stated by the head of the EU Delegation to Serbia,
Michael Davenport, Serbia has recorded sustained progress towards the EU, which led to the opening of the first four chapters, which
confirms Serbia's strategic goal to come closer to the Union. Davenport particularly praised the efforts to arrange the public sector,
support the economy in the form of ambitious reforms, the arrival of foreign investors, which is supported by the reforms in the rule of
law and creating a better business environment.
The Serbian government has adopted a second revised national program for the adoption of the EU acquis in the period ending on 31st
of December, 2018, and tasked the EU Integration Office to report on the program’s implementation quarterly. The state seeks to be
fully ready by the end of 2018 to assume EU membership obligations given that the framework goal is for Serbia to become an EU
member state in 2021.
British Foreign Secretary Boris Johnson visited Belgrade to support Serbia’s EU path and has said that the UK wishes to continue to
support Serbia’s EU accession regardless of the recent developments in relations between the EU and the UK.
Fiscal Sector In October 2016, public debt of the Republic of Serbia changed from RSD 2,976.1bn (EUR 24.1bn) at the end of September 2016, to
RSD 3,028.7bn (EUR 24.6bn) at the end of October 2016. Central Government public debt to GDP (ESA 2010 methodology) ratio
was at the level of 72.1% at the end of October 2016. The major share of public debt is still in foreign currency out of which in EUR is
41.0%, USD 32.8%, RSD 21.5%, SDR 3.6%, CHF 0.6% and other 0.6% (GBP, JPY, DKK, SEC, NOK). In the first ten months of
2016, Public Debt Administration of the Republic of Serbia managed to meet its obligations which amounted to RSD 581.7bn (EUR
4.7bn), out of which principal payments amounted to RSD 466.8bn (EUR 3.8bn), while interest and other costs were RSD 114.9bn
(EUR 933mln). Vast majority of items repaid in the first ten months of 2016 belong to government securities issued on domestic
market RSD 367.7bn (EUR 3.0bn) out of which principal payments were RSD 306.8bn1 (EUR 2.5bn) and interest payments were
RSD 60.9bn2 (EUR 495mln). Obligations in respect of foreign creditors were repaid in amount of RSD 99.6bn (EUR 809mln), out of
which principal RSD 51.7bn (EUR 420mln). Payments in respect of guarantees issued by the Government were RSD 48.1bn (EUR
391mln) out of which principal RSD 42.7bn (EUR 347mln), while interest were RSD 5.4bn (EUR 44.1mln). In the first ten months of
2016, PDA received RSD 377.2bn (EUR 3.1bn) from domestic market out of which government securities issued in domestic
currency amounted to RSD 233.2bn (EUR 1.9bn) while receiving from EUR denominated government securities was RSD 144.0bn
(EUR 1.2bn). In the first ten months, budget surplus was RSD 34.3bn (EUR 0.3bn) and other receiving was RSD 8.2bn (EUR 0.1bn).
Thanks to successful fiscal consolidation and structural reforms, there has been a notable decline of the fiscal deficit in 2016, which
should be 2.1% of GDP, says NBS Governor Jorgovanka Tabakovic. "The public debt ratio is expected to drop for the first time since
2008, a year sooner than expected," Governor said at the presentation of the November inflation report. Due to exports growing faster
than imports, the current account deficit is declining at a higher rate, and its ratio to GDP should drop to 4.1% this year, she said.
Economy The National Bank of Serbia (NBS) has again revised upward its projection of GDP growth for 2016, to 2.7%. This is the third
revision of the central bank’s GDP growth projection this year, NBS Governor Jorgovanka Tabakovic said at a presentation of the
November inflation report. The GDP expansion forecast for 2017 remains unchanged, at 3%, according to her. Related to the NBS’
GDP growth projection, IMF Mission head James Roaf said that Serbia's growth is strengthening and labor market indicators are
showing noticeable improvement. On an end-of-mission press conference, following discussions on the sixth review under Serbia’s
precautionary stand-by arrangement (SBA) with the IMF, he also said that IMF expects real GDP growth of 2.7 % in 2016 and 3 % in
2017. The completion of the review will make an additional SDR 54.57 mln (68.53 mln euros) available to Serbia under the SBA,
bringing the total funds available to SDR 662.58 mln (832.14 mln euros).
According to NBS, current account deficit is expected to shrink, to 4.1% of GDP. This year’s net foreign investments, of EUR 1.8
billion, or 5.2% of GDP, will be more than enough for covering the current account deficit. At the presentation of the November
inflation report, the Governor also recalled that the inflation target for 2017 and 2018 has recently been lowered to 3% plus or minus
1.5 percentage points, due to improved macroeconomic indicators and economic prospects, as well as price stability.
The World Bank has also confirmed the upward trend in the economy of Serbia by increasing growth projections. As stated in the
report, the recovery of the Serbian economy continued in 2016. Growth of 2.9 % in the first half of the year translated in the creation
of new jobs – the employment rate rose to 45.9 %, a record high level since 2008," the report also said.
Foreign Direct Investments Representatives of the Serbian government and the British company Delphi Automotive PLC signed Friday, in the presence of Serbian
Prime Minister Aleksandar Vucic, an agreement on incentives for the new production plant in Novi Sad, which should start the
production of automotive installations and employ 1,000 workers by the end of 2017. The factory, which will be set up in the facility
of former Neobus factory in Novi Sad, will be manufacturing automotive components for the world's leading car makers and, as the
company officials noted, it will cooperate closely with Delphi plants in the region to ensure efficiency and flexibility for customers.
AFI Europe plans to start building residential-commercial complex on site of ex-Yugoslav Interior Ministry’s building in Belgrade in
summer 2017. The Netherlands-headquartered real estate development company AFI Europe, part of Israel’s AFI Group, plans to
launch construction of planned mixed-use development on the site of the former Yugoslav Interior Ministry headquarters on Kneza
Milosa Street in the summer of 2017.
1 Repayments based on Frozen Foreign Currency Bonds are not included in this amount 2 The difference between nominal value and discounted value is included in this amount
31.10.2016
Macroeconomic Data Real GDP growth % Industrial
production
Oct16/
Oct15 in %
CPI Current acc.
Balance***
Government bonds on international
market YTM as of 31st October Currency units/USD
Currency
units/EUR
2014 2015 2016* Oct'16/
Sep’16
in %
Oct’16/
Oct’15
in %
Sep’16 last12
months
mlnEUR
% of
GDP
Serbia
2017
Serbia
2018
Serbia
2020
Serbia
2021
31 Oct
2016
31 Oct
2015
31 Oct
2016
31 Oct
2015
-1.8 0.8 2.7 3.2 0.7 1.5 -1,325.7 -3.86 2.287% 2.871% 3.692% 3.872% 112.3126 109.9423 123.1620 120.7606
* Estimated value
•
Based on the data of the Serbian Statistical Office, consumer prices edged up by 0.7% in October, driven primarily
by the growth in prices of fresh vegetables, electricity and travel packages.
Both headline and core inflation (excluding energy, food, alcohol ic beverages and cigarettes) measured 1.5% y -o-y.
• The overall external trade in the Republic of Serbia for the period January - October 2016 amounted to:
- USD 28,251.0 million - which was an increase of 7.2% compared to the same period 2015;
- EUR 25,314.5 million - which was an increase of 7.2% compared to the same period 2015.
The value of exports amounted to USD 12,360.4 million, which was 10.1% increase when compared to the same
period last year, while the value of imports amounted to USD 15,890.6 million, which was 5.1% increase relative to
the same period last year. Expressed in Euros, the value of exports amounted to EUR 11,074.1 million, which was
the increase of 10.1%, compared to the same period last year. The value of imports amounted to EUR 14,240.4
million, which was 5.1% increase when compared to the same period last year. The deficit amounted to USD
3,530.2 million, which was a decrease of 9.3% in relation to the same period last year. The deficit expressed in
Euros amounted to 3,166.4 million, which was a decrease of 9.1% compared to the same period last year. The
export - import ratio equaled 77.8% and was higher if compared to the same period last year when it was 74.3%.
Expressed in EUR, value of exports was EUR 1,145.9 million, presenting the increase of 9.2% relative to the same
month last year. Imports amounted to EUR 1,490.8 million, being the increase of 0.7% relative to the same month
last year.
Source: Belgrade Stock Exchange
0,8%
1,9%
-3,7%
17,7%
79,1%
Real GDP growth for 2015 (%)
Average inflation rate 2015 (%)
Ɨ Budget deficit (% GDP)
Unemployment rate Q4 2015
**Foreign Debt as of December
2015 (% GDP)
2015
2,7%
1,5%
-4,0%
15,2%
75,8%
*Real GDP growth for 2016 (%)
YoY inflation rate October (%)
*Ɨ Budget deficit (% GDP)
Unemployment rate Q2 2016
**Foreign Debt as of June 2016…
2016
2,0
3,0
4,0
5,0
6,0
7,0
8,0
9,0
10,0
% Belgrade OverNight Index Average
250,0
450,0
650,0
850,0
1.050,0
1.250,0
1.450,0
1.650,0Belgrade Stock Exchange Indices
Belex 15 index Belex line index
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; *** According to methodological concept of IMF and EU “BPM6” applicable from April
2014; Ɨ General Government;
31.10.2016
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 4.00%
0.00% 10.11.2016 08.12.2016 Deposit facility interest rate 2.50%
Lending facility interest rate 5.50%
Source: National bank of Serbia
Source: National bank of Serbia
• At end-October, NBS FX reserves amounted to EUR 9,706.7 mln, which is sufficient to cover 216% of the
money supply (M1) or six months’ worth of the country's imports of goods and services. Reserves increased by
EUR 155.0 mln from a month earlier even with early and regular repayment of foreign currency -denominated debt
in the total amount of EUR 191.2 mln.Net FX reserves (total reserves less banks’ FX balances on acco unt of
required reserves and other requirements) came at EUR 8,076.0 mln, up by EUR 127.0 mln from end -September.
The growth in FX reserves in both gross and net terms gains particular importance in light of the persistently
unfavorable conditions for asset investment in the international financial market. The largest inflow to FX
reserves in the month under review came from NBS interventions in the IFEM, i.e. purchase of EUR 135 mln
(since July, NBS interventions provided a EUR 640 mln boost to FX reserves ). Significant amounts also flowed in
from the sale of government foreign currency-denominated securities in the domestic financial market (EUR 71.3
mln), grants and the increased FX required reserves of banks (EUR 21.1 mln). An inflow of EUR 131.6 mln was
secured through successful FX reserves management and from other sources. The above inflows more than sufficed
to cover the outflows for servicing of liabilities in respect of frozen FX saving deposits and liabilities on other
grounds (EUR 204.1 mln). IFEM trading volumes reached EUR 336.4 mln in October, up by EUR 30.2 mln from
the month before. In the first ten months of 2016, the v olume of interbank trading tota led EUR 5,135.2 mln.In
October, the dinar appreciated against the euro by a nominal 0.1%, wh ile the NBS intervened in the IFEM by
buying EUR 135 mln in order to ease excessive daily volatility of the exchange rate.
• The industrial production in the Republic of Serbia in October 2016, when compared to October 2015, increased
by 3.2% and in relation to 2015 average, it increased by 12.1%. Industrial production in the period January –
October 2016 increased by 5.2%, relative to the same period 2015.
23456789
101112
%National Bank of Serbia Interest Rates
Key policy rate - 2w repo
Deposit facility interest rate
95
100
105
110
115
120
125
130
In RSD Exchange Rates
EUR/RSD USD/RSD
31.10.2016 In EUR million
Source: National bank of Serbia; *FDI value has been presented in compliance with the Sixth Edition of the Balance of Payments and International
Investment Position Manual, International Monetary Fund, 2009 (BPM6) from the end of 2013.
Public Debt Report
Public Debt Stock and Structure as of 31st October 2016: EUR USD RSD GDP%
Direct Liabilities (A)
Internal Debt 9,001,685,622 9,871,248,681 1,108,665,604,566 26.4%
External Debt 13,379,419,637 14,671,871,912 1,647,836,081,335 39.2%
Direct Liabilities in Total 22,381,105,259 24,543,120,593 2,756,501,685,901 65.6%
Indirect Liabilities (B)
Internal Debt 413,711,995 453,676,584 50,953,596,756 1.2%
External Debt 1,796,749,909 1,970,315,995 221,291,312,242 5.3%
Indirect Liabilities in Total 2,210,461,904 2,423,992,580 272,244,908,998 6.5%
Non-Guaranteed Local Government Debt (C)
Internal Debt 255,569,643 280,257,677 31,476,468,378 0.7%
External Debt 110,618,391 121,304,130 13,623,982,285 0.3%
Non-Guaranteed Local Government Debt in Total 366,188,034 401,561,808 45,100,450,662 1.1%
Central Government Public Debt (A+B) 24,591,567,163 26,967,113,173 3,028,746,594,899 72.1%
General Government Public Debt (A+B+C) 24,957,755,197 27,368,674,980 3,073,847,045,562 73.1%
In EUR million
Date Internal Debt External Debt Monthly Change of
Public Debt Direct Liabilities Indirect Liabilities Direct Liabilities Indirect Liabilities
30/11/2015 125.6 -12.9 194.1 -42.0 264.8
31/12/2015 318.1 -30.1 -155.9 -16.7 115.5
31/01/2016 -6.6 -13.5 38.0 -6.6 11.2
29/02/2016 65.1 -14.1 -2.9 -12.9 35.3
31/03/2016 -41.0 -26.2 -315.6 -32.5 -415.4
30/04/2016 -199.3 -14.1 28.5 3.3 -181.6
31/05/2016 -91.9 -12.8 140.4 -4.2 31.5
30/06/2016 -91.7 -20.2 27.9 -25.4 -109.4
31/07/2016 160.7 -22.0 83.3 -21.3 200.7
31/08/2016 -42.2 -16.5 -27.9 -24.1 -110.7
30/09/2016 -8.5 -22.2 -82.0 -20.8 -133.4
31/10/2016 206.2 -32.2 127.9 151.5 453.4
In EUR million
2.486 2.068 1.133 3.320 753 1.298 1.236 1.804 1.271
7,4%
6,7%
3,8%
9,9%
2,4%
3,8% 3,7%
5,5%
3,7%
0,0%
2,0%
4,0%
6,0%
8,0%
10,0%
12,0%
0
500
1.000
1.500
2.000
2.500
3.000
3.500
2008 2009 2010 2011 2012 2013 2014 2015* Jan-Sep 2016
Foreign Direct Investment in Serbia in period 2008 - Sep 2016
FDI (net), EUR million FDI (net), %GDP
DYNAMICS OF PUBLIC DEBT
31.10.2016
Source: Public Debt Administration
INTERNAL DEBT ANALYSIS EXTERNAL DEBT ANALYSIS
Source: Public Debt Administration
Source: Public Debt Administration
23.600
23.800
24.000
24.200
24.400
24.600
24.800
25.000
0
2.000
4.000
6.000
8.000
10.000
12.000
14.000
16.000
18.000
20.000
22.000
24.000
26.000
In E
UR
mil
lio
n
Public Debt Stock and Structure
Internal debt - direct liabilities Internal debt - indirect liabilitiesExternal debt - direct liabilities External debt - indirect liabilitiesCentral Government Public Debt (right axis)
38,3%
37,5%
38,0%
38,5%
39,0%
39,5%
Internal public debt/total public debt ratio
61,7%
57,0%
58,0%
59,0%
60,0%
61,0%
62,0%
63,0%
External public debt/total public debt ratio
-50
50
150
250
350
450
550
650
750
8.300
8.500
8.700
8.900
9.100
9.300
In E
UR
mil
lio
n
Internal public debt structure for period October
2015 - October 2016
Direct liabilities
1.600
1.625
1.650
1.675
1.700
1.725
1.750
1.775
1.800
1.825
1.850
9.000
10.000
11.000
12.000
13.000
14.000
In E
UR
mil
liio
n
External public debt structure for period October
2015 - October 2016
Direct liabilities Indirect liabilities
31.10.2016
Source: Public Debt Administration
Government Securities DOMESTIC MARKET OVERVIEW
Source: Public Debt Administration
Republic of Serbia Eurobond 2021 - Price/Yield
Date Closing
price YTM
Monthly price
change %
Monthly yield
change %
31/10/16 114.96 3.872 -1.5% 8.6%
30/09/16 116.70 3.564 0.5% -4.5%
31/08/16 116.13 3.730 0.2% -2.3%
31/07/16 115.92 3.817 1.0% -6.6%
30/06/16 114.75 4.087 0.6% -4.1%
31/05/16 114.09 4.262 0.5% -3.6%
30/04/16 113.47 4.419 1.3% -6.5%
31/03/16 112.07 4.726 -0.5% 1.5%
29/02/16 112.61 4.654 0.2% -1.4%
31/01/16 112.41 4.722 -1.0% 3.8%
31/12/15 113.49 4.547 -0.9% 3.3%
30/11/15 114.48 4.402 -0.2% 0.0%
56,2%
42,3%
1,4%
Internal Public Debt Currency Structure
RSD EUR USD
40,1%
52,2%
0,9%
5,9%0,9%
External Public Debt Currency Structure
EUR USD CHF SDR Other
2,65%
3,58%
4,30%
4,79%
6,50%
5,64%
12,99%
1,5%
3,5%
5,5%
7,5%
9,5%
11,5%
13,5%
6M 53W 2Y 3Y 5Y 7Y 10Y
Last Primary Auction Accepted Rate
2,65%
3,99% 6,51%
7,81%
10,60%9,82%
12,99%
1,5%
3,5%
5,5%
7,5%
9,5%
11,5%
13,5%
6M 53W 2Y 3Y 5Y 7Y 10Y
Average Accepted Rates at Primary Auction
EUROBOND OVERVIEW
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.
31.10.2016
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
Source: Bloomberg
3,00
3,40
3,80
4,20
4,60
5,00
5,40
5,80
6,20
6,60
7,00
7,40
7,80
96 $
98 $
100 $
102 $
104 $
106 $
108 $
110 $
112 $
114 $
116 $
118 $
120 $
In %
Price/YTM Graph - Serbia Eurobond 2021
Closing price YTM
170 bps
200 bps
230 bps
260 bps
290 bps
320 bps
350 bps
380 bps
410 bps
440 bps
470 bps
0,0
1,0
2,0
3,0
4,0
5,0
6,0
7,0
In %
YTM US Dollar Interest Rate Swap - 5Y
Spread to benchmark Spread to US Dollar Interest swap rate
Republic of Serbia Eurobond 2017 - Price/Yield
Date Closing
price YTM
Monthly price
change %
Monthly yield
change %
31/10/16 103.06 2.287 -0.4% 8.0%
30/09/16 103.48 2.118 -0.1% -7.2%
31/08/16 103.55 2.282 0.1% -9.1%
31/07/16 103.49 2.510 0.1% -7.4%
30/06/16 103.41 2.710 -0.4% 3.7%
31/05/16 103.78 2.613 0.3% -10.4%
30/04/16 103.51 2.917 0.2% -8.2%
31/03/16 103.27 3.176 -0.5% 7.7%
29/02/16 103.83 2.949 0.1% -5.2%
31/01/16 103.72 3.110 -0.1% -1.7%
31/12/15 103.77 3.164 -0.4% 4.8%
30/11/15 104.23 3.019 -0.2% 1.5%
31.10.2016
Source: Bloomberg
1,501,802,102,402,703,003,303,603,904,204,504,805,105,405,706,006,30
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 $
In %
Price/YTM Graph - Serbia Eurobond 2017
Closing price YTM
110 bps
130 bps
150 bps
170 bps
190 bps
210 bps
230 bps
250 bps
270 bps
290 bps
310 bps
330 bps
350 bps
370 bps
390 bps
410 bps
430 bps
0,0
0,5
1,0
1,5
2,0
2,5
3,0
3,5
4,0
4,5
5,0
5,5
6,0
6,5
In %
YTM US Dollar Interest Rate Swap - 1Y
Spread to benchmark Spread to US Dollar Interest swap rate
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 %
31/10/16 103.65 3.692 -1.0% 8.6%
30/09/16 104.68 3.400 0.3% -2.7%
31/08/16 104.34 3.539 0.3% -2.4%
31/07/16 104.00 3.666 0.8% -5.6%
30/06/16 103.16 3.935 -0.5% 2.9%
31/05/16 102.84 4.046 0.0% -0.3%
30/04/16 102.54 4.146 -0.4% 2.7%
31/03/16 101.71 4.391 -0.6% 3.6%
29/02/16 102.21 4.267 -0.2% 0.8%
31/01/16 102.20 4.280 2.0% -11.5%
31/12/15 102.65 4.169 0.0% -0.1%
30/11/15 103.27 4.026 0.1% -0.6%
31.10.2016
Source: Bloomberg
Republic of Serbia Eurobond 2018 - Price/Yield
Date Closing
price YTM
Monthly price
change %
Monthly yield
change %
31/10/16 106.04 2.871 -0.2% -0.8%
30/09/16 106.20 2.894 0.0% -3.7%
31/08/16 106.20 3.006 -0.1% -2.0%
31/07/16 106.28 3.068 0.1% -4.4%
30/06/16 106.14 3.209 0.0% -3.4%
31/05/16 106.09 3.321 0.5% -8.1%
30/04/16 105.53 3.613 0.8% -9.2%
31/03/16 104.74 3.981 -0.3% 1.8%
29/02/16 105.08 3.909 0.1% -2.1%
31/01/16 104.99 3.993 -0.4% 2.9%
31/12/15 105.44 3.879 -0.8% 6.0%
30/11/15 106.25 3.660 -0.1% -0.4%
3,00
3,50
4,00
4,50
5,00
5,50
6,00
89,0 $
91,0 $
93,0 $
95,0 $
97,0 $
99,0 $
101,0 $
103,0 $
105,0 $
107,0 $
In %
Price/YTM Graph - Serbia Eurobond 2020
Closing price YTM
110 bps
130 bps
150 bps
170 bps
190 bps
210 bps
230 bps
250 bps
270 bps
290 bps
310 bps
330 bps
350 bps
370 bps
390 bps
410 bps
430 bps
0,0
0,5
1,0
1,5
2,0
2,5
3,0
3,5
4,0
4,5
5,0
5,5
6,0
6,5In
%
YTM US Dollar Interest Rate Swap - 4Y
Spread to benchmark Spread to US Dollar Interest swap rate
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
31.10.2016
Spread to Benchmark Spread to US Dollar Swap Interest rate
Source: Bloomberg
Amortizing bond - London Club 2024
Auction Date Maturity Date Nominal Value Inflow - Market Value Coupon rate
10/1/2004 11/1/2024 1,080,000,000 972,000,190 6.75%
Closing price and YTM
Date Closing price YTM Monthly price change % Monthly yield change %
31/10/16 101.50 6.507 0.3% -0.6%
30/09/16 101.24 6.548 -0.4% 0.9%
31/08/16 101.62 6.489 -1.3% 3.2%
31/07/16 102.93 6.287 -0.4% 0.9%
30/06/16 103.31 6.232 -0.1% 0.2%
31/05/16 103.41 6.222 0.1% -0.4%
30/04/16 103.30 6.244 -0.1% 0.2%
31/03/16 103.41 6.230 -0.5% 1.1%
29/02/16 103.90 6.161 1.7% -4.0%
31/01/16 102.19 6.417 0.0% 0.0%
31/12/15 102.23 6.414 -0.2% 0.3%
30/11/15 102.39 6.394 0.2% -0.4%
0,00
1,00
2,00
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8,00
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120,0 $
In %
Price/YTM Graph - Serbia Eurobond 2018
Closing price YTM
180 bps
200 bps
220 bps
240 bps
260 bps
280 bps
300 bps
320 bps
340 bps
360 bps
380 bps
400 bps
420 bps
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500 bps
0,0
0,5
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2,5
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3,5
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5,5
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7,5
In %
YTM US Dollar Interest Rate Swap - 2Y
31.10.2016
Spread to benchmark Spread to US Dollar Interest swap rate
Source: Bloomberg
6,00
6,10
6,20
6,30
6,40
6,50
6,60
6,70
6,80
6,90
7,00
7,10
7,20
94,0 $
95,0 $
96,0 $
97,0 $
98,0 $
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100,0 $
101,0 $
102,0 $
103,0 $
104,0 $
105,0 $
In %
Price/YTM Graph Amortizing Bond - Serbia London Club 2024
Closing price YTM
375 bps
400 bps
425 bps
450 bps
475 bps
500 bps
525 bps
550 bps
575 bps
600 bps
625 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
In %
YTM US Dollar Interest Rate Swap - 8Y