april 2016 monthly update update for investors...said in its latest european economic forecast...
TRANSCRIPT
April 2016
Monthly Update
Politics On the early parliamentary elections in Serbia the Serbian Progressive Party (SNS)-led list won the highest number of votes. The
SNS-led list secured 48.25 percent, which means that the SNS-led list won 131 seats in the National Parliament. Elections resulted in
a big support to continue with implementing ongoing reforms.
The U.S. Department of State issued statement after elections that the United States will work together with the Serbian government to
further strengthening the relationship between the two countries.
German Ambassador to Serbia Axel Dittmann said that Berlin supports Serbia on its reform path and seeks the opening of rule of law
chapters 23 and 24 of EU accession talks in the first half of 2016.
Serbian Prime Minister Aleksandar Vucic received Chinese Ambassador Li Manchang, placing a special emphasis on the steel mill
Zelezara Smederevo and the Chinese government's support for implementing the project of high strategic importance for Serbia.
Serbian President Tomislav Nikolic, was on a three-day visit to Indonesia and met in Jakarta with Indonesian President, other high
officials and representatives of business sector.
Fiscal Sector
In March 2016, public debt of the Republic of Serbia changed from RSD 3,069.8bn (EUR 24.9bn) at the end of February 2016, to
RSD 3,004.4bn (EUR 24.4bn) at the end of March 2016. Central Government public debt to GDP (ESA 2010 methodology) ratio was
at the level of 72.0% at the end of March 2016. The major share of public debt is still in foreign currency out of which in EUR is
40.9%, USD 32.2%, RSD 21.9%, SDR 3.8%, CHF 0.6% and other 0.6% (GBP, JPY, DKK, SEC, NOK). In the first three months of
2016, Public Debt Administration of the Republic of Serbia managed to meet its obligations which amounted to RSD 196.6bn (EUR
1.6bn), out of which principal payments amounted to RSD 151.4bn (EUR 1.2bn), while interest and other costs were RSD 45.2bn
(EUR 368mln). Vast majority of items repaid in the first three months of 2016, belong to government securities issued on domestic
market RSD 135.9bn (EUR 1.1bn) out of which principal payments were RSD 110.7bn1 (EUR 900mln) and interest payments were
RSD 25.2bn2 (EUR 205mln). Obligations in respect of foreign creditors were repaid in amount of RSD 30.9bn (EUR 251mln), out of
which principal RSD 13.2bn (EUR 108mln). Payments in respect of guarantees issued by the Government were RSD 12.5bn (EUR
102mln) out of which principal RSD 10.4bn (EUR 85mln), while interest were RSD 2.1bn (EUR 17mln). In the first three months
2016, PDA received RSD 136.5bn (EUR 1.1bn) from domestic market out of which government securities issued in domestic
currency amounted to RSD 83.2bn (EUR 677mln) while receiving from EUR denominated government securities was RSD 53.3bn
(EUR 434mln). Total receiving in the first three months of 2016, amounted to RSD 153.7bn (EUR 1.25bn).
Serbia registered a general government deficit of RSD 16 billion in the first quarter of 2016, which is a deficit significantly lower than
ceiling agreed with the International Monetary Fund for Q1 2016.
Conclusions of the Spring Meetings of the International Monetary Fund and the World Bank Group held in Washington, D.C. were
good for Serbia, whose fiscal results at the end of 2015 and in the first quarter of 2016 were positively assessed, Finance Minister
Dusan Vujovic said
Economy Serbia’s GDP growth is forecast to accelerate, supported by robust investment and export performance, the European Commission has
said in its latest European Economic Forecast report, raising the projection of the country’s GDP expansion in 2016 from the
previously forecast 1.6% to 2.0%.
Serbia’s foreign trade deficit narrowed 20.4% year-on-year in the first quarter of 2016, while Serbia’s industrial production in the first
quarter of 2016 rose 10.5% year-on-year.
World Bank Country Director for the Western Balkans Ellen Goldstein has said that the lender could release between USD 200
million and USD 300 million earmarked for Serbia once the election process is completed, provided that commitment to reforms
remains strong.
Serbia's Ministry of Economy extended the deadline for receiving letters of intent to buy a 25 percent stake in state-run drugmaker
Galenika, the biggest pharmaceutical company in Serbia.
Foreign Direct Investments Serbian Prime Minister Aleksandar Vucic opened a factory of Turkish parts supplier Teklas Kaucuk in Vladicin Han. The investment
will be completed by 2018, with 400 jobs created in the first quarter of 2016 and 1,200 in total.
MK-Fintel Wind, a joint venture between Italy’s Fintel Energia Group and Serbian agribusiness-to-tourism company MK Group, has
started building a wind farm near Vrsac in Vojvodina under a EUR 10 million investment.
Mobile operator Telenor Serbia, part of Norway’s Telenor Group, will invest more than EUR 40 million in the development of its 4G
network in 2016.
A groundbreaking ceremony was held in the Vojvodina town of Indjija for a new production facility of IGB Automotive Comp,
the Serbian subsidiary of Germany-based automotive seat heater and sensor manufacturer I.G. Bauerhin.
Hong Kong-based motion subsystems and motion components producer Johnson Electric unveiled a new facility in Nis, in what
marked the start of a second phase of works on its plant in Nis, which is planned to cost EUR 50 million
Construction is under way on Belgrade Plaza, a 32,000-square meter gross leasable area shopping and entertainment center developed
by the Netherlands-based property developer Plaza Centers, under an investment of around EUR 80 million.
1 Repayments based on Frozen Foreign Currency Bonds are not included in this amount
2 The difference between nominal value and discounted value is included in this amount
April 2016
Source: Statistical Office of the Republic of Serbia; National Bank of Serbia; Bloomberg; Ministry of Finance and Economy * Estimated value; **According to
NBS methodology Foreign Debt consist of Public and Private sector debt; *** According to methodological concept of IMF and EU “BPM6” applicable from April
2014; Ɨ General Government;
Macroeconomic Data Real GDP growth %
Industrial
production
Mar16/ Mar15
in %
CPI Current acc.
Balance***
Government bonds on international
market YTM as of 31st March Currency units/USD
Currency
units/EUR
2013 2014 2015* Mar'16/
Feb’16
in %
Mar’16/
Mar’15
in %
Feb’16 last12
months
mlnEUR
% of
GDP
Serbia
2017
Serbia
2018
Serbia
2020
Serbia
2021
31 Mar
2016
31 Mar
2015
31 Mar
2016
31 Mar
2015
2.6 -1.8 0.7 8.8 -0.1 0.6 -1,424.7 -4.2 3.176% 3.981% 4.391% 4.726% 108.6001 111.4240 122.9245 120.2153
* Estimated value
• According to data of the Serbian Statistical Office, consumer prices fell by 0.1% in March. The negative monthly
inflation rate is attributable to lower vegetable prices, as well as to the seasonal decline in prices of travel
packages. At the same time, petroleum product prices picked up and after quite a while provided a positive
contribution to inflation. Y-o-y inflation declined from the previous month, amounting to 0.6%. Under the NBS
projection, as of mid-2016 y-o-y inflation will begin to rise moder ately and return within the target tolerance band
late this or early next year. Uncertainties surrounding the projection relate primarily to future developments in the
global commodity and financial markets, the effects of the oncoming agricultural season, and inflation movements
in the international environment.
• The overall external trade in the Republic of Serbia for the period January - Marchy 2016 amounted to:
- USD 7811.9 million - which was an increase of 4.3% compared to the same period 2015;
- EUR 7061.0 million - which was an increase of 6.2% compared to the same period 2015.
The value of exports amounted to USD 3412.3 million, which was 9.2% increase when compared to the same period
last year, while the value of imports amounted to USD 4399.6 million, which was 0.7% increase relative to the
same period last year. Expressed in Euros, the value of exports amounted to EUR 3084.4 million, which was the
increase of 11.2%, compared to the same period last year. The value of imports amounted to EUR 3976.6 million,
which was 2.6% increase when compared to the same period last year. The deficit amounted to USD 987.2 million,
which was a decrease of 20.4% in relation to the same period last year. The deficit expressed in Euros amounted to
892.2 million, which was a decrease of 18.9% compared to the same period last year. The export - import
ratio equaled 77.6% and was higher if compared to the same period last year when it was 71.6%. Expressed in
EUR, value of exports was EUR 1175.2 million, presenting the increase of 8.3% relative to the same month last
year.Imports amounted to EUR 1540.6 million, being identical to the same month last year.
Source: Belgrade Stock Exchange
0.7%
1.9%
-3.8%
17.9%
77.3%
Real GDP growth for 2015 (%)
Average inflation rate 2015 (%)
*Ɨ Budget deficit (% GDP)
Unemployment rate Q4 2015
**Foreign Debt as of December
2015 (% GDP)
2015
1.8%
0.6%
-4.0%
17.9%
77.3%
*Real GDP growth for 2016 (%)
YoY inflation rate March (%)
Ɨ Budget deficit (% GDP)
Unemployment rate Q4 2015
**Foreign Debt as of December
2015 (% GDP)
2016
2.03.04.05.06.07.08.09.0
10.0
% Belgrade OverNight Index Average
250.0
450.0
650.0
850.0
1,050.0
1,250.0
1,450.0
1,650.0Belgrade Stock Exchange Indices
Belex 15 index Belex line index
April 2016
Currency, Interest Rates and FDI
Key Policy Rates of National Bank of Serbia Current value Last change Date of last meeting Next board meeting
Key policy rate - 2w repo 4.25%
0.00% 07.04.2016 17.05.2016 Deposit facility interest rate 2.50%
Lending facility interest rate 6.00%
Source: National bank of Serbia
Source: National bank of Serbia
• NBS FX reserves amounted to EUR 9,500.9 mln at end -March, covering 238% of money supply (M1) and six
months’ worth of imports of goods and services. Net FX reserves (total reserves less banks’ FX required reserves
and drawings under the arrangement with the IMF concluded in 2009) totalled EUR 7,882.0 mln. The March
decline in total NBS reserves (EUR 349.9 mln) reflects mainly the payment of obligations to foreign cred itors and
the redemption of maturing euro -denominated RS securities (EUR 286.6 mln). In addition, outflows worth EUR
194.7 mln were recorded on account of NBS interventions in the interbank FX market, withdrawal of banks’ FX
required reserves, servicing of liabilities under frozen FX savings, and other grounds. Significant inflows into
NBS FX reserves (EUR 187.1 mln) came from the sale of euro -denominated RS securities in the domestic financial
market, disbursement of loans and grants. A substantial amount also flowed in through successful FX reserves
management last month, as a result of the payment of deposits for participation in the sale of Železara Smederevo
and other inflows (EUR 77.7 mln). IFEM trading volumes reached EUR 623.3 mln in March, down by E UR 52.7
mln from the month before. In Q1 2016, interbank trading amounted to EUR 1,984.9 mln. In March, the dinar
appreciated against the euro by 0.5% in nominal terms. The NBS intervened in the IFEM by selling EUR 175 mln
in order to ease excessive daily volatility of the exchange rate.
• The industrial production in the Republic of Serbia in March 2016, when compared to March 2015, increased by
8.8%, and in relation to 2015 average, it increased by 9.5%. Industrial production in the period January - March
2016 increased by 10.5% relative to the same period 2015.
23456789
101112
% National Bank of Serbia Interest Rates
Key policy rate - 2w repo Deposit facility interest rate
Lending facility interest rate
95
100
105
110
115
120
125
130
In RSD Exchange Rates
EUR/RSD USD/RSD
April 2016 In EUR million
Source: National bank of Serbia; *FDI value has been presented in compliance with the Sixth Edition of the Balance of Payments and International
Investment Position Manual, International Monetary Fund, 2009 (BPM6) from the end of 2013. Public Debt Report
Public Debt Stock and Structure as of 31st March 2016:
EUR USD RSD GDP%
Direct Liabilities (A)
Internal Debt 9,068,381,105 10,264,504,481 1,114,726,213,104 26.7%
External Debt 13,081,348,675 14,806,784,204 1,608,018,245,248 38.6%
Direct Liabilities in Total 22,149,729,780 25,071,288,685 2,722,744,458,352 65.3%
Indirect Liabilities (B)
Internal Debt 553,754,361 626,794,800 68,069,977,936 1.6%
External Debt 1,737,652,030 1,966,849,082 213,600,006,961 5.1%
Indirect Liabilities in Total 2,291,406,391 2,593,643,882 281,669,984,897 6.8%
Non-Guaranteed Local Government Debt (C)
Internal Debt 287,077,407 324,943,041 35,288,846,693 0.8%
External Debt 123,039,180 139,268,101 15,124,529,673 0.4%
Non-Guaranteed Local Government Debt in Total 410,116,587 464,211,141 50,413,376,366 1.2%
Central Government Public Debt (A+B) 24,441,136,171 27,664,932,567 3,004,414,443,249 72.0%
General Government Public Debt (A+B+C) 24,851,252,758 28,129,143,708 3,054,827,819,615 73.3%
In EUR million
Date Internal Debt External Debt Monthly Change of
Public Debt Direct Liabilities Indirect Liabilities Direct Liabilities Indirect Liabilities
30/04/2015 -26.2 -9.0 -125.6 -1.9 -162.8
31/05/2015 -121.4 -0.5 169.0 13.4 60.5
30/06/2015 -173.4 23.2 -148.6 -16.3 -315.1
31/07/2015 50.7 -12.5 225.9 -12.6 251.4
31/08/2015 -26.9 -13.9 -139.6 -9.0 -189.4
30/09/2015 248.1 -15.5 -1.1 -5.6 225.9
31/10/2015 125.6 -12.9 192.2 -42.0 262.9
30/11/2015 125.6 -12.9 194.1 -42.0 264.8
31/12/2015 318.1 -30.1 -155.9 -16.7 115.5
31/01/2016 -6.6 -13.5 38.0 -6.6 11.2
29/02/2016 65.1 -14.1 -2.9 -12.9 35.3
31/03/2016 -41.0 -26.2 -315.6 -32.5 -415.4
2,486 2,068 1,133 3,320
753
1,298 1,236
1,804 228
7.4% 6.7%
3.8%
9.9%
2.4%
3.8% 3.7%
5.5%
0.7%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
0
500
1,000
1,500
2,000
2,500
3,000
3,500
2008 2009 2010 2011 2012 2013 2014 2015* Jan-Feb
2016
Foreign Direct Investment in Serbia in period 2008 - February 2016
FDI (net), EUR million FDI (net), %GDP
DYNAMICS OF PUBLIC DEBT
April 2016 In EUR million
Source: Public Debt Administration
INTERNAL DEBT ANALYSIS EXTERNAL DEBT ANALYSIS
Source: Public Debt Administration
Source: Public Debt Administration
23,000
23,200
23,400
23,600
23,800
24,000
24,200
24,400
24,600
24,800
25,000
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
22,000
24,000
26,000In
EU
R m
illi
on
Public Debt Stock and Structure
Internal debt - direct liabilities Internal debt - indirect liabilitiesExternal debt - direct liabilities External debt - indirect liabilitiesCentral Government Public Debt (right axis)
39.4%
37.5%
38.0%
38.5%
39.0%
39.5%
Internal public debt/total public debt ratio
60.6%
59.0%
59.5%
60.0%
60.5%
61.0%
61.5%
62.0%
62.5%External public debt/total public debt ratio
9,068
554
0
100
200
300
400
500
600
700
800
8,000
8,200
8,400
8,600
8,800
9,000
9,200
In E
UR
mil
lio
n
Internal Public Debt Structure
Direct liabilities Indirect liabilities
13,081
1,738
1,700
1,725
1,750
1,775
1,800
1,825
1,850
1,875
1,900
10,500
11,000
11,500
12,000
12,500
13,000
13,500
14,000
14,500
In E
UR
mil
liio
n
External Public Debt Structure
Direct liabilities Indirect liabilities
April 2016
Source: Public Debt Administration
Government Securities DOMESTIC MARKET OVERVIEW
Source: Public Debt Administration
EUROBOND OVERVIEW
55.5%
42.9%
1.6%
Internal Debt Currency Structure
as of 31 March 2016
RSD EUR USD
39.7%
52.1%
1.0% 6.2% 0.9%
External public debt currency structure
as of 31 March, 2016
EUR USD CHF SDR Other
2.75%
3.25% 4.01%
4.95%
5.95%
6.50%
10.75%
12.99%
2.5%
4.5%
6.5%
8.5%
10.5%
12.5%
14.5%
3M 6M 53W 2Y 3Y 5Y 7Y 10Y
Last Primary Auction Accepted Rate
2.78%
3.54% 4.94%
7.22%
9.13%
10.60% 12.03%
12.99%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
3M 6M 53W 2Y 3Y 5Y 7Y 10Y
Average Accepted Rates at Primary Auction
Republic of Serbia Eurobond 2021 - Price/Yield
Date Closing
price
YTM Monthly price
change %
Monthly yield
change %
31/03/16 112.07 4.726 -0.5% 1.5%
29/02/16 112.61 4.654 0.2% -1.4%
31/01/16 112.41 4.722 -1.0% 3.8%
31/12/15 113.49 4.547 -0.9% 3.3%
30/11/15 114.48 4.402 -0.2% 0.0%
31/10/15 114.67 4.400 2.0% -9.0%
30/09/15 112.44 4.834 -0.5% 1.6%
31/08/15 113.00 4.758 0.1% -1.1%
31/07/15 112.84 4.811 0.4% -2.2%
30/06/15 112.38 4.919 -2.5% 10.3%
31/05/15 115.22 4.460 -0.2% 0.1%
30/04/15 115.41 4.455 -0.1% -0.3%
Republic of Serbia Eurobond 2021 - Tap
Issuer: Ministry of Finance of the Republic of Serbia
Ratings: BB- (S&P); BB- (Fitch)
Maturity: 28.09.2021
Coupon: 7.25% semi-annual
*Size: USD 2.0bn
**Re-offer yield: 6.625%
Re-offer price: 104.179
Spread to US Treasury Benchmark: 497.0 bps
Announcement date: 27.09.2012
Listing: London Stock Exchange
*Primary auction USD 1,0bn 21.09.2011.; Tap Issuance 27.09.2012. USD 1,0bn. **Tap Issuance re-offer yield.
April 2016
Republic of Serbia Eurobond 2017
Issuer: Ministry of Finance of the Republic of Serbia
Ratings: BB- (S&P); BB- (Fitch)
Maturity: 21.11.2017
Coupon: 5.250% semi-annual
Size: USD 750.0mln
Re-offer yield: 5.450%
Re-offer price: 99.135
Spread to US Treasury Benchmark: 482.5 bps
Announcement date: 14.11.2012
Listing: London Stock Exchange
Source: Bloomberg
4.00
4.40
4.80
5.20
5.60
6.00
6.40
6.80
7.20
7.60
8.00
96 $
98 $
100 $
102 $
104 $
106 $
108 $
110 $
112 $
114 $
116 $
118 $
120 $
In %
Price/YTM Graph - Serbia Eurobond 2021
Closing price YTM
170 bps
200 bps
230 bps
260 bps
290 bps
320 bps
350 bps
380 bps
410 bps
440 bps
470 bps
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
In %
YTM US Dollar Interest Rate Swap - 5Y
Spread to benchmark Spread to US Dollar Interest swap rate
Republic of Serbia Eurobond 2017 - Price/Yield
Date Closing price YTM Monthly price
change %
Monthly yield
change %
31/03/16 103.27 3.176 -0.5% 7.7%
29/02/16 103.83 2.949 0.1% -5.2%
31/01/16 103.72 3.110 -0.1% -1.7%
31/12/15 103.77 3.164 -0.4% 4.8%
30/11/15 104.23 3.019 -0.2% 1.5%
31/10/15 104.49 2.973 0.7% -12.8%
30/09/15 103.76 3.408 -0.2% 0.3%
31/08/15 103.92 3.397 0.1% -3.4%
31/07/15 103.79 3.515 0.1% -3.2%
30/06/15 103.66 3.631 -0.3% 2.0%
31/05/15 103.96 3.561 0.3% -5.1%
30/04/15 103.60 3.753 -0.4% 3.2%
April 2016
Source: Bloomberg
Republic of Serbia Eurobond 2020 - Price/Yield
Date Closing price
YTM Monthly price change %
Monthly yield change %
31/03/16 101.71 4.391 -0.5% 2.9%
29/02/16 102.21 4.267 0.0% -0.3%
31/01/16 102.20 4.280 -0.4% 2.7%
31/12/15 102.65 4.169 -0.6% 3.6%
30/11/15 103.27 4.026 -0.2% 0.8%
31/10/15 103.46 3.993 2.0% -11.5%
30/09/15 101.42 4.513 0.0% -0.1%
31/08/15 101.43 4.518 0.1% -0.6%
31/07/15 101.34 4.545 0.0% -0.3%
30/06/15 101.30 4.560 -1.7% 9.8%
31/05/15 103.07 4.153 0.1% -1.0%
30/04/15 102.92 4.196 -0.1% 0.1%
2.60
2.90
3.20
3.50
3.80
4.10
4.40
4.70
5.00
5.30
5.60
5.90
6.20
95.0 $
96.0 $
97.0 $
98.0 $
99.0 $
100.0 $
101.0 $
102.0 $
103.0 $
104.0 $
105.0 $
106.0 $
107.0 $
108.0 $
In %
Price/YTM Graph - Serbia Eurobond 2017
Closing price YTM
180 bps
200 bps
220 bps
240 bps
260 bps
280 bps
300 bps
320 bps
340 bps
360 bps
380 bps
400 bps
420 bps
440 bps
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
7.0
In %
YTM US Dollar Interest Rate Swap - 1Y
Spread to benchmark Spread to US Dollar Interest swap rate
Republic of Serbia Eurobond 2020
Issuer: Ministry of Finance of the Republic of Serbia
Ratings: BB- (S&P); BB- (Fitch)
Maturity: 25.02.2020
Coupon: 4.875% semi-annual
Size: USD 1.5bn
Re-offer yield: 5.150%
Re-offer price: 98.401
Spread to US Treasury Benchmark: 378.4 bps
Announcement date: 14.02.2013
Listing: London Stock Exchange
April 2016
Source: Bloomberg
Republic of Serbia Eurobond 2018 - Price/Yield
Date Closing
price
YTM Monthly price
change %
Monthly yield
change %
31/03/16 104.74 3.981 -0.3% 1.8%
29/02/16 105.08 3.909 0.1% -2.1%
31/01/16 104.99 3.993 -0.4% 2.9%
31/12/15 105.44 3.879 -0.8% 6.0%
30/11/15 106.25 3.660 -0.1% -0.4%
31/10/15 106.35 3.675 1.2% -11.1%
30/09/15 105.11 4.135 -0.5% 3.1%
31/08/15 105.62 4.012 0.1% -2.1%
31/07/15 105.48 4.096 -0.1% -0.6%
30/06/15 105.54 4.120 -0.7% 4.7%
31/05/15 106.30 3.934 0.3% -3.2%
30/04/15 105.98 4.063 -0.2% 0.6%
3.00
3.50
4.00
4.50
5.00
5.50
6.00
89.0 $
91.0 $
93.0 $
95.0 $
97.0 $
99.0 $
101.0 $
103.0 $
105.0 $
107.0 $
In %
Price/YTM Graph - Serbia Eurobond 2020
Closing price YTM
180 bps
200 bps
220 bps
240 bps
260 bps
280 bps
300 bps
320 bps
340 bps
360 bps
380 bps
400 bps
420 bps
440 bps
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5In
%
YTM US Dollar Interest Rate Swap - 4Y
Spread to benchmark Spread to US Dollar Interest swap rate
Republic of Serbia Eurobond 2018
Issuer: Ministry of Finance of the Republic of Serbia
Ratings: BB- (S&P); BB- (Fitch); B1(Moody’s)
Maturity: 03.12.2018
Coupon: 5.875 % semi-annual
Size: USD 1.0bn
Re-offer yield: 6.125%
Re-offer price: 98.937
Spread to US Treasury Benchmark: 476.5 bps
Announcement date: 21.11.2013
Listing: London Stock Exchange
April 2016
Spread to Benchmark Spread to US Dollar Swap Interest rate
Source: Bloomberg
0.00
1.00
2.00
3.00
4.00
5.00
6.00
96.0 $
98.0 $
100.0 $
102.0 $
104.0 $
106.0 $
108.0 $
110.0 $
In %
Price/YTM Graph - Serbia Eurobond 2018
Closing price YTM
180 bps
200 bps
220 bps
240 bps
260 bps
280 bps
300 bps
320 bps
340 bps
360 bps
380 bps
400 bps
420 bps
440 bps
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
In %
YTM US Dollar Interest Rate Swap - 2Y
Amortizing bond - London Club 2024
Date Closing price YTM Monthly price change % Monthly yield change %
10/1/2004 11/1/2024 1,080,000,000 972,000,190 6.75%
Closing price and YTM
Date Closing price YTM Monthly price change % Monthly yield change %
31/03/16 103.41 6.230 -0.5% 1.1%
29/02/16 103.90 6.161 1.7% -4.0%
31/01/16 102.19 6.417 0.0% 0.0%
31/12/15 102.23 6.414 -0.2% 0.3%
30/11/15 102.39 6.394 0.2% -0.4%
31/10/15 102.21 6.422 0.1% -0.4%
30/09/15 102.06 6.446 0.3% -0.7%
31/08/15 101.75 6.492 0.0% 0.0%
31/07/15 101.78 6.489 -0.2% 0.5%
30/06/15 102.01 6.459 -0.2% 0.5%
31/05/15 102.22 6.430 0.1% -0.3%
30/04/15 102.12 6.448 -0.1% 0.3%
April 2016
Spread to benchmark Spread to US Dollar Interest swap rate
Source: Bloomberg
6.00
6.10
6.20
6.30
6.40
6.50
6.60
6.70
6.80
6.90
7.00
7.10
7.20
94.0 $
95.0 $
96.0 $
97.0 $
98.0 $
99.0 $
100.0 $
101.0 $
102.0 $
103.0 $
104.0 $
105.0 $
In %
Price/YTM Graph Amortizing Bond - Serbia London Club 2024
Closing price YTM
375 bps
400 bps
425 bps
450 bps
475 bps
500 bps
525 bps
550 bps
575 bps
600 bps
625 bps
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
7.0
7.5
8.0
In %
YTM US Dollar Interest Rate Swap - 8Y