Montenegro places EUR 200mn eurobond issue.

By bne IntelliNews September 9, 2010
Montenegro placed successfully a EUR 200mn eurobond issue, the finance ministry announced. The issue enjoyed high interest as the demand exceeded the offered amount over threefold. Some 140 investors from 25 different countries placed bids, and 125 of them became bondholders. The bonds mature in 5 years and have a fixed annual coupon of 7.875%. As recalled, the government intended to place the issue in May-June, but delayed it as market was unfavourable at that time because of the Greek liquidity crisis and the problems of some other European countries. We note that public finances deteriorated in the course of last year, because of the economic downturn, while the outlook for the current year is not very optimistic. The IMF has recently raised its concerns over the rapidly growing public indebtedness in the country. Public debt stood at EUR 1.1bn at end-June, representing 35.8% of GDP.

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