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Estonia: bonds

The development of the capital market and its infrastructure in the years following Estonia’s independence has been affected by factors such as the government’s conservative fiscal policy and borrowing, which has resulted in modest issuance of government bonds, the currency board system, where Eesti Pank does not conduct an active monetary policy and banks’ liquidity management is carried out through international financial structures, and the relatively high cost of local resources compared to foreign funds, all of which have supported the bank-based financing of Estonia’s economy.
Debt instruments accounted for less than 5 percent of GDP by the end of March 2009. The secondary market is also shallow, as buy and hold investors snap up the few issues available.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
EUR 2 200 000 000
municipal
EUR 10 138 027 783
SEK 1 51 509 640
corporate
EUR 64 2 543 703 217
USD 2 2 000 000
SEK 2 40 000 000

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
Iutecredit Europe AS, 13% 7aug2023, EUR - International bonds XS2033386603 13% 40 000 000  EUR 07/19/2019 08/07/2023
Luminor Bank, 1.375% 21oct2022, EUR - International bonds XS2013518472 1.375% 300 000 000  EUR 06/11/2019 10/21/2022
Luminor Bank, 1.5% 18oct2021, EUR - International bonds XS1894121695 1.5% 350 000 000  EUR 10/10/2018 10/18/2021
Odyssey Europe Holdco, 8% 15may2023, EUR - International bonds XS1818737287 8% 200 000 000  EUR 05/04/2018 05/15/2023
Elering, 0.875% 3may2023, EUR - International bonds XS1713464102 0.875% 225 000 000  EUR 04/26/2018 05/03/2023
Eesti Energia, 2.384% 22sep2023, EUR - International bonds XS1292352843 2.384% 500 000 000  EUR 09/10/2015 09/22/2023
Tallinn, FRN 29nov2027, EUR - International bonds XS0311261936 6M Euribor + 6 bps 25 564 000  EUR 11/29/2007 11/29/2027
Eesti Energia, 4.50% 18nov2020, EUR - International bonds XS0235372140 4.5% 300 000 000  EUR 11/08/2005 11/18/2020

Stocks indices

Daily indices

Type: 09/12/2019 09/11/2019 09/10/2019 09/09/2019 09/06/2019 09/05/2019 09/04/2019
Stock market (Eastern Europe)
[4667] OMX Tallin (Estonia)  1 223.57 1 229.66 1 226.89 1 231.25 1 233.57 1 235.10 1 235.08
show other indices

International bonds outstanding volume

Monthly indices

Type: Sep 2019 Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019
Eastern Europe international bonds outstanding volume
[21153] International bonds of Estonia, USD bln 1.888 1.904 1.917 1.924 1.419 1.370 1.370
[21187] Corporate international bonds of Estonia, USD bln 1.876 1.892 1.905 1.911 1.407 1.357 1.357
[21221] Sovereign international bonds of Estonia, USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
show other indices

New international bonds volume

Yearly indices

Type: 2018 2017 2016 2015 2014
Eastern Europe new international bonds volume
[19633] Annual new issues of Estonia sovereign international bonds, USD bln 0.000 0.000 0.000 0.000 0.000
[19667] Annual new issues of Estonia corporate international bonds, USD bln 0.915 0.017 0.000 0.633 0.137
[19701] Annual new issues of Estonia corporate international bonds, (financial sector) USD bln 0.403 0.000 0.000 0.000 0.000
[19735] Annual new issues of Estonia corporate international bonds, (non-financial sector) USD bln 0.511 0.017 0.000 0.633 0.137

Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Eesti Energia, 2.384% 22sep2023, EUR   EUR 09/22/2023 10/15/2019 ***.**** *.** 10/15/2019 ***.* *.**
Eesti Energia, 4.50% 18nov2020, EUR   EUR 11/18/2020 10/15/2019 *** -*.** 10/15/2019 ***.** -*.**
Elering, 0.875% 3may2023, EUR   EUR 05/03/2023 10/15/2019 ***.** *.** 10/15/2019 ***.** *.**
Iutecredit Europe AS, 13% 7aug2023, EUR   EUR 08/07/2023 10/15/2019 ***.*** **.** 10/15/2019 ***.** **.**
Luminor Bank, 1.375% 21oct2022, EUR   EUR 10/21/2022 10/15/2019 ***.** *.** 10/15/2019 ***.** *.**
Luminor Bank, 1.5% 18oct2021, EUR   EUR 10/18/2021 10/15/2019 ***.** *.** 10/15/2019 ***.** *.**
Odyssey Europe Holdco, 8% 15may2023, EUR   EUR 05/15/2023 10/15/2019 **.** **.** 10/15/2019 **.** *.**
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