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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
corporate
EUR 65 1 905 570 447
USD 2 2 000 000
SEK 2 40 000 000
municipal
EUR 10 138 027 783
SEK 1 51 509 640

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 ***
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
Luminor Bank, 1.5% 18oct2021, EUR - International bonds XS1894121695 1.5% 350 000 000  EUR 10/10/2018 10/18/2021
Elering, 0.875% 3may2023, EUR - International bonds XS1713464102 0.875% 225 000 000  EUR 04/26/2018 05/03/2023
Nortal, 5% 24may2022, EUR - International bonds FI4000260856 5% 15 000 000  EUR 05/18/2017 05/24/2022
Eesti Energia, 2.384% 22sep2023, EUR - International bonds XS1292352843 2.384% 500 000 000  EUR 09/10/2015 09/22/2023
Pro Kapital Grupp, 8% 1jun2020, EUR - International bonds SE0006504379 8% 13 400 000  EUR 05/26/2015 06/01/2020
Nelja Energia, FRN 2021, EUR - International bonds NO0010737174 6M EURIBOR + 6.5% 50 000 000  EUR 05/22/2015 06/02/2021
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

World Bond market statistics

Quarterly indices

Type I 2018 IV 2017 III 2017 II 2017 I 2017 IV 2016 III 2016
BIS volume of international-bond market of emerging countries
Estonian international bonds, USD bln 1.900 1.800 1.800 1.800 1.700 1.600 1.700
BIS net issues of international-bond market of emerging countries
International-bond net issue of Estonia, USD bln 0.000 0.000 0.000 0.000      

New issues of Emerging markets International Bonds

Yearly indices

Type 2017 2016 2015 2014
Annual new International Bonds issues (Eastern Europe)
Annual new issues of Estonia sovereign international bonds, USD bln 0.000 0.000 0.000 0.000
Annual new issues of Estonia corporate international bonds, USD bln 0.017 0.000 0.633 0.137
Annual new issues of Estonia corporate international bonds, (financial sector) USD bln 0.000 0.000 0.000 0.000
Annual new issues of Estonia corporate international bonds, (non-financial sector) USD bln 0.017 0.000 0.633 0.137

Emerging Markets International Bonds

Monthly indices

Type Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Eastern Europe International Bonds Markets
International bonds of Estonia, USD bln 1.440 1.357 1.353 1.367 1.626 1.628 1.682
Corporate international bonds of Estonia, USD bln 1.426 1.343 1.339 1.352 1.611 1.614 1.666
Sovereign international bonds of Estonia, USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
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Credit Risk Indicators

Daily indices

Type: 01/06/2016 01/05/2016 01/04/2016 12/31/2015 12/30/2015 12/29/2015 12/28/2015
CDS Emerging markets (sov.) 
CDS 5Y Estonia mid * * * * * * *
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Stock market (World)

Daily indices

Type: 11/12/2018 11/09/2018 11/08/2018 11/07/2018 11/06/2018 11/05/2018 11/02/2018
Stock market (Eastern Europe)
OMX Tallin (Estonia)  1 192.54 1 189.33 1 191.78 1 188.32 1 189.81 1 192.41 1 194.58
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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 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
Eesti Energia, 4.250% 2oct2018, EUR   EUR 10/02/2018 05/18/2016 *** *.** 05/18/2016 ***.*** *.**
Eesti Energia, 4.50% 18nov2020, EUR   EUR 11/18/2020 05/18/2016 ***.* *.* 05/18/2016 ***.** *.**
Elering, 4.625% 12jul2018, EUR   EUR 07/12/2018 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
Nelja Energia, FRN 2021, EUR   EUR 06/02/2021 05/18/2016 ***.**** * 05/18/2016 ***.**** *
Pro Kapital Grupp, 8% 1jun2020, EUR   EUR 06/01/2020 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
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