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EBRD’s first investment in local currency bond in Serbia

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Strengthening the development of the local capital market

 

The EBRD is supporting the development of the local capital market in Serbia by investing 542 million dinars (RSD) (€4.6 million equivalent) in a RSD 3.87 billion (€33 million equivalent) local currency bond issued by Erste Bank Serbia.

This is the EBRD’s first investment in a local currency bond in the country.

The investment will contribute to the development of Serbia’s corporate bond market which is still at an early stage of development and facilitates the access of local small and medium-sized enterprises to longer-term local currency financing.

The EBRD subscribed to 14 per cent of the offer. The bonds will be listed on the Belgrade Stock Exchange. They have a two-year+1day maturity and have been placed primarily with local financial investors.

This is Erste Bank Serbia’s second emission of long-term RSD bonds. Following a public invitation to subscribe, the planned volume of the emission of RSD 3.5 billion was exceeded by more than 10 per cent.

Zsuzsanna Hargitai, EBRD Director, Western Balkans, said: “We are pleased to support Erste Bank’s local currency bond issue. This investment confirms our strong commitment to the development of the local capital market and the use of the local currency dinar in the domestic financial system .”

Slavko Carić, CEO of Erste Bank Serbia, said “Apart from ensuring stable and long-term sources of financing in domestic currency and further diversification of the source of funds of the Bank, we have shown that there is great interest in investment in corporate securities in dinar, which is extremely important for the further development of the domestic capital market”.

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