Croatia endorses issue of USD 1.5bn eurobond.

By bne IntelliNews March 24, 2011
The Croatian government endorsed the issuing of a ten-year eurobond worth USD 1.5bn, the authority said in a statement on its website. In order to cushion currency exchange fluctuations, the payments referring to the principal and the interest rates will be converted at an exchange rate of USD/EUR 1.3875. The Finance Ministry said two days ago that it mulled an USD 1.5 ten-year bond issue, a Eurobond and a bond on the domestic market. Last week, the government sold an USD 1.5bn notes in a private placement market. The state will need HRK 27bn in funding, to be obtained partly through savings made last year, loans from international financial institutions worth EUR 300mn and and already issued bonds and announced bond issues.

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