december 2015 monthly update - javnidug.gov.rs update for investors/2015/republic... · december...
TRANSCRIPT
December 2015
Monthly Update
Politics European Council President Donald Tusk visited Belgrade to discuss the refugee and migrant crisis with Serbian Prime Minister
Aleksandar Vucic.
After opening Chapters 32 and 35, Serbia is best prepared for Chapters 23 and 24 dealing with the rule of law, which should be
opened at the start of the following year, Serbia's chief negotiator with the EU Tanja Miscevic said.
The next high-level round of Belgrade-Pristina dialogue in Brussels can be expected in early 2016, EU spokesperson says.
Serbia has achieved much in the EU integration process over the past year, Head of the EU Delegation to Serbia Michael Davenport
said, underlining the importance of going on with reforms.
Fiscal Sector
In November 2015, public debt of the Republic of Serbia changed from RSD 2,937.9bn (EUR 24.3bn) at the end of October 2015, to
RSD 2,994.1bn (EUR 24.7bn) at the end of November 2015. Central Government public debt to GDP (ESA 2010 methodology) ratio
was at the level of 75.5% at the end of November 2015. The major share of public debt is still in foreign currency out of which in
EUR is 39.4%, USD 33.9%, RSD 21.5%, SDR 4.0%, CHF 0.6% and other 0.5% (GBP, JPY, DKK, SEC, NOK). Up to the end of
November 2015, Public Debt Administration of the Republic of Serbia managed to meet its obligations which amounted to RSD
591.8bn (EUR 4.9bn), out of which principal payments amounted to RSD 474.3bn (EUR 3.9bn), while interest and other costs were
RSD 117.5bn (EUR 1.0bn). Vast majority of items repaid up to the end of November 2015, belong to government securities issued on
domestic market RSD 402,4bn (EUR 3.3bn) out of which principal payments were RSD 342.5bn1 (EUR 2.8bn) and interest payments
were RSD 59.9bn2 (EUR 494mln). Obligations in respect of foreign creditors were repaid in amount of RSD 87.5bn (EUR 722.0mln),
out of which principal RSD 37.7bn (EUR 311mln). Payments in respect of guarantees issued by the Government were RSD 43.1bn
(EUR 355mln) out of which principal RSD 36.5bn (EUR 301mln), while interest were RSD 6.6bn (EUR 54mln). In the first eleven
months of 2015, PDA received RSD 463.5bn (EUR 3.82bn) from domestic market out of which government securities issued in
domestic currency amounted to RSD 340.1bn (EUR 2.80bn) while receiving from EUR denominated government securities was RSD
123.4bn (EUR 1.02bn). Total receiving at the end of November 2015, amounted to RSD 485.5bn (EUR 4.00bn).
Serbia posted a general government deficit of RSD 65.2 billion in period January-November 2015. At the general government level,
revenues were at RSD 1.52 trillion and outlays at RSD 1.59 trillion. The result on the revenue side was better than planned mainly as a
result of payments of dividends and profit portions by public companies, according to the ministry’s data. On the spending side,
capital outlays fell short of the target, as did severance payments for employees of companies under restructuring. The state budget
deficit stood at 1% of GDP in period January-November 2015.
Economy
Fitch Ratings has revised Serbia’s outlook to positive from stable and affirmed its long-term foreign and local currency issuer default
ratings at “B+”.
Economy Minister Zeljko Sertic has said that the government plans to impose tight control on public companies’ operations as of
2016 and to introduce corporate management modelled after the private sector.
Telekom Srbija plans to invest about EUR 21 million in its mobile network in 2016.
The European Bank for Reconstruction and Development (EBRD) and the City of Kragujevac have signed a senior loan agreement of
up to EUR 15 million for improving the transportation infrastructure, waste collection services, and public transportation in the
central Serbian city.
Sections of a 23-kilometer stretch of the Corridor 10 highway in the east of Serbia were opened in the presence of Prime Minister
Aleksandar Vucic, transportation minister Zorana Mihajlovic, and other officials.
Serbia aims to lower its unemployment rate to below 15% over the next two years, National Employment Service Director said.
Slovakia is interested in further enhancing economic cooperation with Serbia, which could include joint activities in third markets and
the privatization of certain Serbian companies, Slovak Deputy Prime Minister Lubomir Vazny said.
Foreign Direct Investments
Global supplier of vehicle technology Delphi yesterday signed an agreement with Serbian privately-owned agribusiness Matijevic to
lease its bus maker Neobus’ 18,000-square meter facility in Novi Sad’s industrial zone, where it intends to launch export-oriented auto
parts production.
South Korean auto parts producer Yura Corporation will start building new factory in Leskovac next year, which will initially hire 700
people, Leskovac’s mayor said.
Spanish composite components maker Refisa plans to launch the production of components for trains on the grounds of Serbian truck
maker FAP in Priboj.
IGB Automotive Comp will invest at least EUR 4.5 million to expand its production facility in the Vojvodina town of Indjija, which
will create more than 500 jobs over the next five years.
Italian steel structures manufacturer Tecnostrutture’s Belgrade subsidiary has started building a production facility in Zrenjanin’s
industrial zone Jugoistok, in an investment worth EUR 3.5 million.
Recycler Greentech has opened another recycling facility at its existing plant in Mladenovo, near Vojvodina’s Backa Palanka, hiring
100 people.
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
December 2015
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
Nov15/ Nov14
in %
CPI Current acc.
Balance***
Government bonds on international
market YTM as of 30st November
Currency
units/USD
Currency
units/EUR
2013 2014* 2015* Nov'15/
Oct’15
in %
Nov’15/
Nov’14
in %
Oct last12
months
mlnEUR
% of
GDP
Serbia
2017
Serbia
2018
Serbia
2020
Serbia
2021
30 Nov
2015
30 Nov
2014
30 Nov
2015
30 Nov
2014
2.6 -1.8 0.8 11.7 -0.1 1.3 -1,721.3 -5.2 3.019% 3.660% 4.026% 4.402% 114.5449 96.8325 121.2458 120.5468
* Estimated value
• According to data of the Serbia n Statistical Office, consumer prices fell by 0.1% in November, mainly reflecting
the seasonal drop in prices of fresh fruits and meat, and a further decline in prices of petroleum products. Y -o-y
inflation equalled 1.3% in November, which is below the low er bound of the target tolerance band (target:
4±1.5%). Under the NBS central projection, y -o-y inflation will return within the target band in the second half of
2016.
• The overall external trade in the Republic of Serbia for the period January - November 2015 amounted to:
- USD 28908.0 million - which was a decrease of 11.1% compared to the same period 2014;
- EUR 25960.8 million - which was an increase of 6.9% compared to the same period 2014.
The value of exports amounted to USD 12308.5 million, which was 9.9% decrease when compared to the same period last year, while
the value of imports amounted to USD 16599.5 million, which was 12.0% decrease relative to the same period last year. Decrease of
exports and imports, as well as of the overall external trade, expressed in USD, has been caused by USD currency strengthening relative
to RSD and also to EUR. Expressed in Euros, the value of exports amounted to EUR 11055.5 million, which was the increase of 8.4%,
compared to the same period last year. The value of imports amounted to EUR 14905.3 million, which was 5.8% increase when
compared to the same period last year. The deficit amounted to USD 4290.9 million, which was a decrease of 17.4% in relation to the
same period last year. The deficit expressed in Euros amounted to 3849.9 million, which was a decrease of 0.8% compared to the same
period last year. The export - import ratio equaled 74.1% and was higher if compared to the same period last year when it was 72.4%.
Expressed in EUR, the value of exports amounted to EUR 999.6 million, which was an increase of 8.8%, compared to the same month
last year. The value of imports amounted to EUR 1360.0 million, which was 9.7% increase when compared to the same month last year.
Source: Belgrade Stock Exchange
-1,8%
1,7%
-6,6%
17,3%
77,3%
Real GDP growth (%)
YoY inflation rate December (%)
Ɨ Budget deficit (% GDP)
Unemployment rate Q4 2014
**Foreign Debt as of December
2014 (% GDP)
2014
0,8%
1,3%
-4,1%
16,7%
80,0%
*Real GDP growth for 2015 (%)
YoY inflation rate November (%)
*Ɨ Budget deficit (% GDP)
Unemployment rate Q3 2015
**Foreign Debt as of September
2015 (% GDP)
2015
2,0
3,0
4,0
5,0
6,0
7,0
8,0
9,0
10,0
% Belgrade OverNight Index Average
250
450
650
850
1.050
1.250
1.450
1.650Belgrade Stock Exchange Indices
Belex 15 index Belex line index
December 2015
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 4.50%
0.00% 10.12.2015 12.01.2016 Deposit facility interest rate 2.50%
Lending facility interest rate 6.50%
Source: National bank of Serbia
Source: National bank of Serbia
• Rising by EUR 71.7 mln from a month earlier, the stock of NBS FX reserves amounted to EUR 10,7 46.0 mln at
end-November, covering 277% of money supply M1 or around seven months’ worth of imports of goods and
services. Much of the inflow came from the sale of euro -denominated government securities in the domestic
financial market (EUR 121.4 mln) and the disbursement of loans worth EUR 108.4 mln. Other inflows amounted to
EUR 48.8 mln. Major outflows from FX reserves were registered on account of redemption of maturing euro -
denominated government securities (EUR 142.3 mln), government debt servicing (E UR 52.0 mln), and banks’
withdrawal of FX required reserves (EUR 98.4 mln, net). Other outflows equalled EUR 37.0 mln, net. Net FX
reserves, defined as FX reserves less banks’ FX required reserves and drawings under the arrangement with the
IMF concluded in 2009, came at EUR 8,876.0 mln. Trading volumes in the IFEM reached EUR 545.8 mln, down by
EUR 40.2 mln from the month before. In the first eleven months of 2015, interbank trading volumes totalled EUR
7,077 mln. The dinar depreciated against the euro by 0.4% in nominal terms in November. The NBS intervened in
the IFEM by buying EUR 10 mln and selling EUR 10 mln in order to ease excessive daily volatility of the
exchange rate.
• The industrial production in the Republic of Serbia in November 2015, when compared to November 2014, increased by 11.7% and in
relation to 2014 average, it increased by 16.6%. Industrial production in the period January- November 2015 increased by 7.9% relative
to the same period 2014.
23456789
101112
% National Bank of Serbia Interest Rates
Key policy rate - 2w repo Deposit facility interest rate
Lending facility interest rate
90
95
100
105
110
115
120
125
In RSD Exchange Rates
EUR/RSD USD/RSD
December 2015
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 30st November 2015:
EUR USD RSD GDP%
Direct Liabilities (A)
Internal Debt 8,732,882,049 9,243,757,429 1,058,825,270,310 26.7%
External Debt 13,517,742,297 14,308,532,977 1,638,969,478,985 41.3%
Direct Liabilities in Total 22,250,624,346 23,552,290,406 2,697,794,749,295 68.1%
Indirect Liabilities (B)
Internal Debt 637,621,403 674,922,386 77,308,917,158 2.0%
External Debt 1,806,278,089 1,911,945,725 219,003,631,926 5.5%
Indirect Liabilities in Total 2,443,899,492 2,586,868,111 296,312,549,084 7.5%
Non-Guaranteed Local Government Debt (C)
Internal Debt 287,551,947 304,373,795 34,864,465,913 0.9%
External Debt 135,459,969 143,384,405 16,423,952,288 0.4%
Non-Guaranteed Local Government Debt in Total 423,011,916 447,758,200 51,288,418,202 1.3%
Central Government Public Debt (A+B) 24,694,523,838 26,139,158,517 2,994,107,298,379 75.5%
General Government Public Debt (A+B+C) 25,117,535,754 26,586,916,716 3,045,395,716,581 76.8%
In EUR million
Date Internal Debt External Debt Monthly Change of
Public Debt Direct Liabilities Indirect Liabilities Direct Liabilities Indirect Liabilities
31/12/2014 104.2 58.3 318.4 -5.7 475.3
31/01/2015 -116.0 0.9 557.8 14.3 457.1
28/02/2015 450.5 -18.8 80.6 6.5 518.8
31/03/2015 176.0 -1.7 275.6 5.4 455.3
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
2.486 2.068 1.133 3.320
753
1.298 1.236
1.446
7,4% 6,7%
3,8%
9,9%
2,4%
3,8% 3,7% 4,4%
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* Jan-Oct
2015
Foreign Direct Investment in Serbia in period 2008 - October 2015
FDI (net), EUR million FDI (net), %GDP
DYNAMICS OF PUBLIC DEBT
December 2015
In EUR million
Source: Public Debt Administration
INTERNAL DEBT ANALYSIS EXTERNAL DEBT ANALYSIS
Source: Public Debt Administration
Source: Public Debt Administration
21.500
22.000
22.500
23.000
23.500
24.000
24.500
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)
37.9%
37,5%
38,0%
38,5%
39,0%
39,5%
Internal public debt/total public debt ratio
62.1%
59,5%
60,0%
60,5%
61,0%
61,5%
62,0%
62,5%External public debt/total public debt ratio
8,733
638
600
620
640
660
680
700
720
7.600
7.800
8.000
8.200
8.400
8.600
8.800
9.000
In E
UR
mil
lio
n
Internal Public Debt Structure
Direct liabilities Indirect liabilities
13.518
1.806
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
December 2015
Source: Public Debt Administration
Government Securities DOMESTIC MARKET OVERVIEW
Source: Public Debt Administration
EUROBOND OVERVIEW
56.7%
41.4%
1,9%
Internal Debt Currency Structure as of
30 November, 2015
RSD EUR USD
38.2%
53.5%
1.0%
6.4% 0.8%
External Public Debt Currency Structure as
of 30 November, 2015
EUR USD CHF SDR Other
2.94%
4.09%
4.09%
4.95%
6.59%
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
2.97%
4.62% 6.34%
8.39%
9.90% 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 %
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%
31/03/15 115.53 4.467 -1.5% 6.3%
28/02/15 117.34 4.201 2.2% -9.5%
31/01/15 114.77 4.643 2.1% -8.0%
31/12/14 112.41 5.049 -2.2% 8.1%
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.
December 2015
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
8,0
In %
YTM US Dollar Interest Rate Swap - 6Y
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 %
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%
31/03/15 104.02 3.637 -0.9% 9.4%
28/02/15 104.96 3.325 1.2% -13.3%
31/01/15 103.72 3.834 1.0% -10.0%
31/12/14 102.65 4.261 -1.8% 17.0%
December 2015
Source: Bloomberg
2,80
3,10
3,40
3,70
4,00
4,30
4,60
4,90
5,20
5,50
5,80
6,10
6,40
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
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
460 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 - 2Y
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
Republic of Serbia Eurobond 2020 - Price/Yield
Date Closing
price
YTM Monthly price
change %
Monthly yield
change %
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%
31/03/15 102.99 4.192 -1.5% 8.4%
28/02/15 104.52 3.867 1.9% -10.3%
31/01/15 102.54 4.311 2.3% -10.8%
31/12/14 100.19 4.832 -2.3% 11.9%
December 2015
Source: Bloomberg
Republic of Serbia Eurobond 2018 - Price/Yield
Date Closing
price
YTM Monthly price
change %
Monthly yield
change %
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%
31/03/15 106.20 4.039 -1.7% 13.2%
28/02/15 108.03 3.568 1.9% -14.2%
31/01/15 106.02 4.157 1.4% -9.1%
31/12/14 104.61 4.574 -1.8% 11.4%
3,00
3,50
4,00
4,50
5,00
5,50
6,00
6,50
7,00
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
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
460 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
7,0In
%
YTM US Dollar Interest Rate Swap - 5Y
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
December 2015
Spread to Benchmark Spread to US Dollar Swap Interest rate
Source: Bloomberg
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 %
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%
31/03/15 102.25 6.431 -0.2% 0.5%
28/02/15 102.49 6.398 0.6% -1.4%
31/01/15 101.85 6.488 0.7% -1.5%
31/12/14 101.14 6.589 -0.5% 1.1%
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 - 3Y
December 2015
Spread to benchmark Spread to US Dollar Interest swap rate
Source: Bloomberg
6,30
6,40
6,50
6,60
6,70
6,80
6,90
7,00
7,10
7,20
7,30
7,40
7,50
94,0 $
95,0 $
96,0 $
97,0 $
98,0 $
99,0 $
100,0 $
101,0 $
102,0 $
103,0 $
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
8,0In
%
YTM US Dollar Interest Rate Swap - 9Y