Macedonia mulls new Eurobond issue

By bne IntelliNews November 1, 2017

The Macedonian Ministry of Finance said on November 1 that no decision has yet been made on issuing a new Eurobond, even though international media reported that such a move is likely in the first quarter of next year.

The last euro-denominated bond issue took place in July 2016, when Macedonia placed a seven-year €450mn Eurobond to finance the budget gap for 2016 and 2017. 

“The ministry has regular communication with international banks and potential investors to take strategically correct decisions for the future ways of financing, depending on conditions,” the finance ministry said in a short statement sent to bne IntelliNews.

However, the ministry added that the government has not yet made any decision to issue bonds on the international capital market.

Reuters reported on November 1, quoting its sources, that the Macedonian authorities had sent a request for proposal for a new Eurobond to banks, and that Skopje is targeting an issue in the first quarter of 2018.

One of the sources said Macedonia is also interested in exploring a possible liability management exercise, Reuters reported.

Macedonia is rated BB-/stable by Standard & Poor’s and BB/negative by Fitch.

According to the latest data, Macedonia's external public debt fell 2.5% q/q to €3.174.bn at end-September and was down 3.4% compared to end-2016.

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