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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

Moneda Outstanding bond issues Cumulative volume
Soberano
HRK 27 62 315 000 000
EUR 12 11 967 200 000
USD 5 7 500 000 000
Corporativo
EUR 12 1 070 313 160
HRK 6 2 866 177 180
USD 2 850 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
RIA Rating *** Sovereign ratings ***
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.) ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Croatia, TB 23may2019 12m - Bonos locales HRRHMFT921B8 0% 190 000 000  HRK 22/05/18 23/05/19
Croatia, TB 2may2019 12m - Bonos locales HRRHMFT918B4 0% 502 000 000  HRK 02/05/18 02/05/19
Croatia, TB 25apr2019 12m - Bonos locales HRRHMFT917B6 0% 681 000 000  HRK 24/04/18 25/04/19
Croatia, TB 28jan2019 12m - Bonos locales HRRHMFT913B5 0% 414 000 000  HRK 27/03/18 28/03/19
Croatia, TB 14mar2019 12m - Bonos locales HRRHMFT911B9 0% 222 000 000  HRK 13/03/18 14/03/19
Croatia, TB 05mar2019 12m - Bonos locales HRRHMFT910B1 0% 1 200 000 000  HRK 06/03/18 07/03/19
Croatia, TB 21feb2019 12m - Bonos locales HRRHMFT908B5 0% 1 500 000 000  HRK 20/02/18 21/02/19
Croatia, TB 14feb2019 12m - Bonos locales HRRHMFT907B7 0% 1 300 000 000  HRK 13/02/18 14/02/19
Croatia, TB 31jan2019 12m - Bonos locales HRRHMFT905B1 0% 1 200 000 000  HRK 30/01/18 31/01/19
Croatia, TB 24jan2019 12m - Bonos locales HRRHMFT904B4 0% 1 400 000 000  HRK 23/01/18 24/01/19

World Bond market statistics

Monthly indices

Type Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017
Domestic government bond market (Eastern Europe)
Croatian govt Bonds outst., EUR bln (without Bills) 11.78 11.76 10.96 10.96 10.95 10.85 11.41
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Quarterly indices

Type I 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
BIS volume of international-bond market of emerging countries
Croatian international bonds, USD bln 16.900 15.500 16.000 16.100 16.300 16.000 15.600
BIS net issues of international-bond market of emerging countries
International-bond net issue of Croatia, USD bln 1.300 0.200 0.100 0.000 0.000 0.500 0.000

Emerging Markets International Bonds

Monthly indices

Type Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017
Eastern Europe International Bonds Markets
International bonds of Croatia, USD bln 16.728 16.645 16.793 16.516 16.443 14.870 14.962
Sovereign international bonds of Croatia, USD bln 14.924 14.850 14.980 14.735 14.671 13.034 13.113
Corporate international bonds of Croatia, USD bln 1.805 1.795 1.812 1.781 1.772 1.836 1.849
Eastern Europe International Bonds Markets (adjusted for amortization)
International bonds of Croatia, USD bln 16.728 16.645 16.793 16.516 16.443 14.870 14.962
Corporate international bonds of Croatia, USD bln 1.805 1.795 1.812 1.781 1.772 1.836 1.849
Sovereign international bonds of Croatia, USD bln 14.924 14.850 14.980 14.735 14.671 13.034 13.113
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Currencies

Daily indices

Type: 25/05/18 24/05/18 23/05/18 22/05/18 21/05/18 18/05/18 17/05/18
Exchange Rates (Emerging Markets)
USD/HRK 6.3344 6.3060 6.3203 6.2687 6.2805 6.2756 6.2566
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Credit Risk Indicators

Daily indices

Type: 25/05/18 24/05/18 23/05/18 22/05/18 21/05/18 18/05/18 17/05/18
CDS Croatia (Interactive Data)
CDS 6M Croatia 16.6800 17.4400 17.0400 16.3700 15.8600 16.1500 15.8900
CDS 1Y Croatia 20.6200 21.5400 21.0400 20.2000 17.7500 18.0600 17.7700
CDS 2Y Croatia 29.6400 30.9700 30.2300 29.0300 29.2900 29.7700 29.2800
CDS 3Y Croatia 48.1800 50.3400 49.1300 47.1700 48.0100 48.7900 47.9800
CDS 4Y Croatia 71.8100 75.0000 73.2100 70.3100 70.5500 71.7100 70.5200
CDS 5Y Croatia 96.7600 101.0400 98.6200 94.7500 93.9900 95.5200 93.9400
CDS 7Y Croatia 132.4700 137.7300 134.7300 129.9300 127.5000 129.3700 127.4600
CDS 10Y Croatia 158.3700 163.8500 160.6900 155.6500 155.7100 157.6700 155.6600
CDS 15Y Croatia 182.9600 188.1900 185.0900 180.2300 182.8600 184.7200 182.8100
CDS 20Y Croatia 194.9800 199.9700 196.9500 192.2700 195.8200 197.5800 195.7600
CDS 30Y Croatia 208.6900 213.3200 210.4100 205.9700 210.1200 211.7000 210.0300
Default Probability Croatia (Interactive Data)
6M Default Probability Croatia 0.1300 0.1400 0.1300 0.1300 0.1200 0.1300 0.1300
1Y Default Probability Croatia 0.3000 0.3100 0.3100 0.2900 0.2600 0.2700 0.2600
2Y Default Probability Croatia 0.8300 0.8700 0.8500 0.8200 0.8300 0.8400 0.8300
3Y Default Probability Croatia 2.0200 2.1100 2.0600 1.9800 2.0200 2.0600 2.0200
4Y Default Probability Croatia 3.9900 4.1700 4.0800 3.9200 3.9400 4.0100 3.9500
5Y Default Probability Croatia 6.6900 6.9900 6.8300 6.5800 6.5200 6.6400 6.5400
7Y Default Probability Croatia 12.6000 13.0800 12.8200 12.4000 12.1700 12.3600 12.2000
10Y Default Probability Croatia 20.7200 21.3800 21.0200 20.4500 20.5000 20.7500 20.5400
15Y Default Probability Croatia 33.6100 34.4000 33.9700 33.3000 33.8600 34.1500 33.9000
20Y Default Probability Croatia 44.5400 45.3600 44.9100 44.2100 45.0500 45.3400 45.1000
30Y Default Probability Croatia 62.3300 63.0800 62.6700 62.0300 63.0600 63.3000 63.1300
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Macroeconomic Indicators (World economy)

Monthly indices

Type Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Croatia) 1.30 1.10 0.80 1.10 1.20 1.40 1.40
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Yearly indices

Type 2017 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Croatia) 78.00 82.70 86.70 86.50

JP Morgan

Daily indices

Type: 30/10/13 29/10/13 28/10/13 25/10/13 24/10/13 23/10/13 22/10/13
EMBI Global (publication was suspended since 30.10.2013) 
EMBI Global Croatia * * * * * * *
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Cotizaciones

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Croatia, 3% 11mar2025, EUR   EUR 11/03/25 18/05/16 **.** *.** 18/05/16 **.* *.**
Croatia, 3.875% 30may2022, EUR   EUR 30/05/22 18/05/16 ***.*** *.** 18/05/16 ***.* *.**
Croatia, 5.5% 4apr2023, USD   USD 04/04/23 18/05/16 ***.** *.** 18/05/16 ***.* *.**
Croatia, 5.875% 9jul2018, EUR   EUR 09/07/18 18/05/16 ***.** *.** 18/05/16 ***.* *.**
Croatia, 6% 26jan2024, USD   USD 26/01/24 18/05/16 ***.**** *.* 18/05/16 ***.* *.**
Croatia, 6.250% 27apr2017, USD   USD 27/04/17 18/05/16 ***.**** *.** 18/05/16 ***.* *.**
Croatia, 6.375% 24mar2021, USD   USD 24/03/21 18/05/16 ***.*** *.** 18/05/16 ***.** *.**
Croatia, 6.625% 14jul2020, USD   USD 14/07/20 18/05/16 ***.* *.** 18/05/16 ***.** *.**
Croatia, 6.750% 5nov2019, USD   USD 05/11/19 18/05/16 ***.*** *.** 18/05/16 ***.* *.**
Agrokor, 5.25% 8aug2017, EUR   EUR 08/08/17 18/05/16 ** * 18/05/16 *** *
Agrokor, 8.875% 1feb2020, USD   USD 01/02/20 18/05/16 ***.** *.* 18/05/16 ***.** *.**
Agrokor, 9.125% 1feb2020, EUR   EUR 01/02/20 18/05/16 ***.*** *.** 18/05/16 ***.* *.**
Agrokor, 9.875% 1may2019, EUR   EUR 01/05/19 18/05/16 ***.*** *.** 18/05/16 ***.*** *.**
HBOR, 4.807% 11jul2016, EUR   EUR 11/07/16 18/05/16 *** -**.** 18/05/16 ***.** -**.**
HBOR, 5.0% 14jun2017, EUR   EUR 14/06/17 18/05/16 ***.*** *.** 18/05/16 ***.*** *.**
HBOR, 6% 8may2020, EUR   EUR 08/05/20 18/05/16 ***.* *.* 18/05/16 *** *.**
Hrvatska Elektroprivreda, 5.875% 23oct2022, USD   USD 23/10/22 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Hrvatska Elektroprivreda, 6.0% 9nov2017, USD   USD 09/11/17 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Zagrebacki Holding, 5.50% 10jul2017, EUR   EUR 10/07/17 18/05/16 **.** *.** 18/05/16 ***.*** *.**
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