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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

Moneda Outstanding bond issues Cumulative volume
Corporativo
EUR 68 2 203 320 447
SEK 2 40 000 000
USD 2 2 000 000
NOK 1 900 000 000
Municipal
EUR 10 138 027 783
SEK 1 51 509 640

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
Baltic Horizon Fund, 4.25% 8may2023, EUR - Bonos locales EE3300111467 4.25% 30 000 000  EUR 08/05/18 08/05/23
Elering, 0.875% 3may2023, EUR - Bonos internacionales XS1713464102 0.875% 225 000 000  EUR 26/04/18 03/05/23
Mainor Ulemiste, 5.5% 5apr2023, EUR - Bonos locales EE3300111343 5.5% 10 000 000  EUR 05/04/18 05/04/23
Admiral Markets, 8% 28dec2027, EUR - Bonos locales EE3300111251 8% 1 826 800  EUR 28/12/17 28/12/27
FMLA, 3.25% 19sep2027, EUR - Bonos locales EE3300111301 3.25% 5 500 000  EUR 19/09/17 19/09/27
Redgate Keyman, 8% 10jun2019, EUR - Bonos locales EE3300111244 8% 125 000  EUR 09/06/17 10/06/19
Riigi Kinnisvara, 1.61% 9jun2027, EUR - Bonos locales EE3300111236 1.61% 27 000 000  EUR 05/06/17 09/06/27
Endover, 11% 30may2019, EUR - Bonos locales EE3300111228 11% 6 500 000  EUR 30/05/17 30/05/19
Iutecredit Europe AS, 14% 15jun2020, USD - Bonos locales EE3300111210 14% 1 000 000  USD 25/05/17 15/06/20
Nordic Hypo Capital, 7% 24may2022, EUR - Bonos locales EE3300111202 7% 1 000 000  EUR 24/05/17 24/05/22

World Bond market statistics

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
Estonian international bonds, USD bln 1.700 1.600 1.700 1.700 1.800 1.700 1.700
BIS net issues of international-bond market of emerging countries
International-bond net issue of Estonia, USD bln         0.000 0.000 0.600

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 Estonia, USD bln 1.454 1.440 1.466 1.416 1.697 1.666 1.691
Sovereign international bonds of Estonia, USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Corporate international bonds of Estonia, USD bln 1.423 1.409 1.435 1.385 1.667 1.636 1.661
Eastern Europe International Bonds Markets (adjusted for amortization)
International bonds of Estonia, USD bln 1.439 1.425 1.451 1.401 1.387 1.363 1.384
Corporate international bonds of Estonia, USD bln 1.423 1.409 1.435 1.385 1.372 1.347 1.368
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: 06/01/16 05/01/16 04/01/16 31/12/15 30/12/15 29/12/15 28/12/15
CDS Emerging markets (sov.) 
CDS 5Y Estonia mid * * * * * * *
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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 (Estonia) 2.90 2.80 3.10 3.50 3.40 4.20 3.80
Consumer Prices Indices (CPI, Global)
HICP Estonia, Monthly rate of change, % 0.60 0.10 1.00 0.10 -0.40 0.40 -0.40
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Yearly indices

Type 2017 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Estonia) 9.00 9.50 9.70 10.40

Stock market (World)

Daily indices

Type: 22/05/18 21/05/18 18/05/18 17/05/18 16/05/18 15/05/18 14/05/18
Stock market (Eastern Europe)
OMX Tallin (Estonia)  1 253.42 1 251.62 1 252.18 1 261.13 1 259.07 1 257.49 1 259.06
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Cotizaciones

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Eesti Energia, 2.384% 22sep2023, EUR   EUR 22/09/23 18/05/16 ***.* *.** 18/05/16 ***.** *.**
Eesti Energia, 4.250% 2oct2018, EUR   EUR 02/10/18 18/05/16 *** *.** 18/05/16 ***.*** *.**
Eesti Energia, 4.50% 18nov2020, EUR   EUR 18/11/20 18/05/16 ***.* *.* 18/05/16 ***.** *.**
Elering, 4.625% 12jul2018, EUR   EUR 12/07/18 18/05/16 ***.* *.** 18/05/16 ***.** *.**
Nelja Energia, FRN 2021, EUR   EUR 02/06/21 18/05/16 ***.**** * 18/05/16 ***.**** *
Pro Kapital Grupp, 8% 1jun2020, EUR   EUR 01/06/20 18/05/16 ***.** *.** 18/05/16 ***.** *.**
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