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 52 781 000 000
EUR 15 12 449 600 000
USD 6 9 000 000 000
municipal
HRK 2 67 000 000
EUR 1 8 200 000
corporate
EUR 20 1 977 591 430
HRK 10 4 108 677 180
USD 3 1 350 000 000

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
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
Agrokor, 5.25% 8aug2017, EUR - International bonds XS1093749890 5.25% 50 000 000  EUR 08/04/2014 08/08/2017
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
Hrvatska Elektroprivreda, 6.0% 9nov2017, USD - International bonds XS0853036860 6% 500 000 000  USD 11/03/2012 11/09/2017
Agrokor, 8.875% 1feb2020, USD - International bonds USX0027KAG32 8.875% 300 000 000  USD 09/28/2012 02/01/2020

World Bond Market Indicators

Monthly indices

Type Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016
EU Long-term interest rates
Croatia, % 2.71 2.80 2.95 3.01 3.07 3.34 3.58
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World Bond market statistics

Quarterly indices

Type IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015 II 2015
BIS volume of international-bond market of emerging countries
Croatian international bonds, USD bln 15.500 16.000 16.100 16.300 16.000 15.600 15.600
BIS net issues of international-bond market of emerging countries
International-bond net issue of Croatia, USD bln 0.200 0.100 0.000 0.000 0.500 0.000 0.000

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 Croatia, USD bln 15.166 15.267 15.135 15.167 15.356 15.483 15.442
Sovereign international bonds of Croatia, USD bln 12.709 12.780 12.686 12.709 12.843 12.933 12.904
Corporate international bonds of Croatia, USD bln 2.458 2.487 2.448 2.458 2.513 2.550 2.538
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Currencies

Daily indices

Type: 03/22/2017 03/21/2017 03/20/2017 03/17/2017 03/16/2017 03/15/2017 03/14/2017
Exchange Rates (Emerging Markets)
USD/HRK 6.8630 6.8526 6.8986 6.8986 6.9096 6.9438 7.0002
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Credit Risk Indicators

Daily indices

Type: 03/21/2017 03/20/2017 03/17/2017 03/16/2017 03/15/2017 03/14/2017 03/13/2017
CDS Interactive Data 
CDS 6M Croatia * * * * * * *
CDS 1Y Croatia * * * * * * *
CDS 2Y Croatia * * * * * * *
CDS 3Y Croatia * * * * * * *
CDS 4Y Croatia * * * * * * *
CDS 5Y Croatia * * * * * * *
CDS 7Y Croatia * * * * * * *
CDS 10Y Croatia * * * * * * *
CDS 15Y Croatia * * * * * * *
CDS 20Y Croatia * * * * * * *
CDS 30Y Croatia * * * * * * *
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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 Croatia * * * * * * *
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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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