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Croatia: bonds

The Croatian debt securities market includes government bonds, bonds with government guarantee, corporate bonds and municipal bonds as long-term securities and treasury bills of the Ministry of Finance as well as commercial papers of companies as short-term securities. Croatian eurobonds are also traded in the domestic market.

Government bonds dominate Croatian bond market. The bond market is moving slowly towards a more balanced mix of public sector, quasi-government and private sector bonds. The main debt issuers in Croatia are the state itself, the state funds and agencies, and since 2002 for the first time - corporations.

Since the beginning of the transition process in the Republic of Croatia, three types of long-term government bonds have been issued in the domestic capital market:
a. bonds issued in the international capital market i.e. bonds issued in the foreign markets (Samurai bonds, denominated in JPY) and bonds issued in the euromarket (Eurobonds denominated in EUR, USD, ESP)
b. marketable bonds issued on domestic capital market
c. non-marketable bonds issued on domestic capital market for the purpose of restructuring the economy (“Big bonds”).

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
HRK 27 78 093 000 000
EUR 13 13 523 150 000
USD 5 7 500 000 000
corporate
EUR 8 650 312 800
HRK 7 3 166 177 180
USD 2 850 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Scope Ratings *** Issuer Rating ***
Scope Ratings *** Issuer Rating (foreign currency) ***
Scope Ratings *** Senior Unsecured Debt Rating ***
Scope Ratings *** Senior Unsecured Debt Rating (foreign currency) ***
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.) ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Croatia, 1.125% 19jun2029, EUR - International bonds XS1843434876 1.125% 1 500 000 000  EUR 06/12/2019 06/19/2029
Croatia, 2.7% 15jun2028, EUR - International bonds XS1713462668 2.7% 750 000 000  EUR 06/06/2018 06/15/2028
Croatia, 2.75% 27jan2030, EUR - International bonds XS1713475306 2.75% 1 275 000 000  EUR 11/16/2017 01/27/2030
Croatia, 3% 20mar2027, EUR - International bonds XS1428088626 3% 1 250 000 000  EUR 03/13/2017 03/20/2027
Hrvatska Elektroprivreda, 5.875% 23oct2022, USD - International bonds XS1309493630 5.875% 550 000 000  USD 10/19/2015 10/23/2022
Croatia, 3% 11mar2025, EUR - International bonds XS1117298916 3% 1 500 000 000  EUR 03/04/2015 03/11/2025
Croatia, 3.875% 30may2022, EUR - International bonds XS1028953989 3.875% 1 250 000 000  EUR 05/22/2014 05/30/2022
Croatia, 6% 26jan2024, USD - International bonds XS0997000251 6% 1 750 000 000  USD 11/19/2013 01/26/2024
HBOR, 6% 8may2020, EUR - International bonds XS0961637542 6% 150 000 000  EUR 08/06/2013 05/08/2020
Croatia, 5.5% 4apr2023, USD - International bonds XS0908769887 5.5% 1 500 000 000  USD 03/26/2013 04/04/2023

Свалка

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 Croatia 340 343 333 329 325 315 321
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Forex

Daily indices

Type: 07/12/2019 07/11/2019 07/10/2019 07/09/2019 07/08/2019 07/05/2019 07/04/2019
FOREX rates
[9849] USD/HRK 6.5581 6.5675 6.5687 6.5980 6.5968 6.5928 6.5567
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BIS

Quarterly indices

Type: I 2019 III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017
BIS international bonds outstanding volume
[10351] Croatian international bonds, USD bln 16.000 16.200 17.200 16.700 16.500 15.400 15.600
BIS new international bonds volume
[10529] International-bond net issue of Croatia, USD bln 0.000 -0.900 0.900 0.000 1.000 -0.500 -1.700

Credit Default Swaps (CDS)

Daily indices

Type: 07/12/2019 07/11/2019 07/10/2019 07/09/2019 07/08/2019 07/05/2019 07/04/2019
CDS Croatia
[13555] CDS 6M Croatia 16.8400 14.6100 14.6200 14.6300 14.8600 15.4300 15.6900
[13617] CDS 1Y Croatia 20.1400 17.4500 17.4500 17.4500 17.7200 18.3900 18.6800
[13679] CDS 2Y Croatia 29.6400 28.6000 28.6000 28.5200 28.4800 28.2100 28.5400
[13741] CDS 3Y Croatia 38.7800 39.7100 39.7100 39.5500 39.1500 37.8700 38.2300
[13803] CDS 4Y Croatia 58.3500 59.0100 59.0100 58.9200 58.9200 58.1700 58.5900
[13865] CDS 5Y Croatia 76.3600 76.3600 76.3600 76.3600 76.8500 76.8500 77.3300
[13927] CDS 7Y Croatia 99.8500 95.8700 96.5900 97.8000 101.1000 106.1600 106.5000
[13989] CDS 10Y Croatia 118.3100 114.1200 114.8500 116.0600 119.4700 124.6600 125.0600
[14051] CDS 15Y Croatia 133.5800 129.5900 130.2800 131.4100 134.6600 139.5800 139.9900
[14113] CDS 20Y Croatia 140.5800 136.7900 137.4700 138.5300 141.6000 146.2800 146.6800
[14175] CDS 30Y Croatia 146.6000 143.1400 143.7800 144.7500 147.5600 151.8800 152.2500
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International bonds outstanding volume

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Eastern Europe international bonds outstanding volume
[21147] International bonds of Croatia, USD bln 17.444 15.654 16.023 16.022 16.087 16.131 16.132
[21181] Corporate international bonds of Croatia, USD bln 1.390 1.425 1.764 1.764 1.732 1.737 1.737
[21215] Sovereign international bonds of Croatia, USD bln 16.054 14.229 14.258 14.258 14.355 14.394 14.395
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Default probability (based on CDS)

Daily indices

Type: 07/12/2019 07/11/2019 07/10/2019 07/09/2019 07/08/2019 07/05/2019 07/04/2019
Default Probability Croatia (Interactive Data)
[20375] 6M Default Probability Croatia 0.1000 0.0900 0.0900 0.0900 0.0900 0.1000 0.1000
[20437] 1Y Default Probability Croatia 0.2600 0.2200 0.2200 0.2200 0.2300 0.2400 0.2400
[20499] 2Y Default Probability Croatia 0.7800 0.7500 0.7500 0.7500 0.7500 0.7500 0.7600
[20561] 3Y Default Probability Croatia 1.5400 1.5800 1.5800 1.5700 1.5600 1.5100 1.5300
[20623] 4Y Default Probability Croatia 3.1100 3.1400 3.1500 3.1400 3.1500 3.1100 3.1400
[20685] 5Y Default Probability Croatia 5.0900 5.0900 5.0900 5.1000 5.1300 5.1400 5.1700
[20747] 7Y Default Probability Croatia 9.2300 8.8600 8.9300 9.0500 9.3600 9.8500 9.8700
[20809] 10Y Default Probability Croatia 15.2900 14.7800 14.8600 15.0100 15.4400 16.0900 16.1300
[20871] 15Y Default Probability Croatia 24.7700 24.1300 24.2300 24.4100 24.9400 25.7500 25.7900
[20933] 20Y Default Probability Croatia 33.1200 32.4200 32.5200 32.7100 33.2900 34.1800 34.2200
[20995] 30Y Default Probability Croatia 46.9300 46.2100 46.3100 46.5000 47.1000 48.0200 48.0600
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Historical yields (monthly)

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Yields for Eastern Europe long-term domestic bonds
[10695] Croatia 10Y Government Bond Yield  1.36 1.69 1.82 2.07 2.31 2.23 2.04
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New international bonds volume

Yearly indices

Type: 2018 2017 2016 2015 2014 2013
Eastern Europe new international bonds volume
[19627] Annual new issues of Croatia sovereign international bonds, USD bln 0.883 2.832 0.000 1.661 1.706 0.000
[19661] Annual new issues of Croatia corporate international bonds, USD bln 0.000 0.000 0.000 0.550 0.067 0.000
[19695] Annual new issues of Croatia corporate international bonds, (financial sector) USD bln 0.000 0.000 0.000 0.000 0.000 0.000
[19729] Annual new issues of Croatia corporate international bonds, (non-financial sector) USD bln 0.000 0.000 0.000 0.550 0.067 0.000

Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Croatia, 3% 11mar2025, EUR   EUR 03/11/2025 05/18/2016 **.** *.** 05/18/2016 **.* *.**
Croatia, 3.875% 30may2022, EUR   EUR 05/30/2022 05/18/2016 ***.*** *.** 05/18/2016 ***.* *.**
Croatia, 5.5% 4apr2023, USD   USD 04/04/2023 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
Croatia, 5.875% 9jul2018, EUR   EUR 07/09/2018 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
Croatia, 6% 26jan2024, USD   USD 01/26/2024 05/18/2016 ***.**** *.* 05/18/2016 ***.* *.**
Croatia, 6.250% 27apr2017, USD   USD 04/27/2017 05/18/2016 ***.**** *.** 05/18/2016 ***.* *.**
Croatia, 6.375% 24mar2021, USD   USD 03/24/2021 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
Croatia, 6.625% 14jul2020, USD   USD 07/14/2020 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
Croatia, 6.750% 5nov2019, USD   USD 11/05/2019 05/18/2016 ***.*** *.** 05/18/2016 ***.* *.**
Agrokor, 5.25% 8aug2017, EUR   EUR 08/08/2017 05/18/2016 ** * 05/18/2016 *** *
Agrokor, 8.875% 1feb2020, USD   USD 02/01/2020 05/18/2016 ***.** *.* 05/18/2016 ***.** *.**
Agrokor, 9.125% 1feb2020, EUR   EUR 02/01/2020 05/18/2016 ***.*** *.** 05/18/2016 ***.* *.**
Agrokor, 9.875% 1may2019, EUR   EUR 05/01/2019 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
HBOR, 4.807% 11jul2016, EUR   EUR 07/11/2016 05/18/2016 *** -**.** 05/18/2016 ***.** -**.**
HBOR, 5.0% 14jun2017, EUR   EUR 06/14/2017 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
HBOR, 6% 8may2020, EUR   EUR 05/08/2020 05/18/2016 ***.* *.* 05/18/2016 *** *.**
Hrvatska Elektroprivreda, 5.875% 23oct2022, USD   USD 10/23/2022 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Hrvatska Elektroprivreda, 6.0% 9nov2017, USD   USD 11/09/2017 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Zagrebacki Holding, 5.50% 10jul2017, EUR   EUR 07/10/2017 05/18/2016 **.** *.** 05/18/2016 ***.*** *.**
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