Serbia mulls EUR 500mn Eurobond issue.

By bne IntelliNews March 29, 2011
Serbia plans a EUR 500mn Eurobond sale this year, in a move that would cover this year's budget gap, the head of the country's debt management agency Branislav Toncic told Novosti. Toncic recalled that in addition to covering the budget gap, the state also has liabilities stemming from refinancing costs of existing debt. The outstanding debt is repaid through new borrowing, Toncic explained. This year, the finance ministry will issue RSD 280bn in government bills, of which RSD 235bn will be used for refinancing of the existing debt. The remainder will be earmarked for covering the budget gap. Since the start of the year, Serbia sold RSD 92bn in government T-bills. As recalled, Serbia's budget deficit has been set at 4.1% of GDP (RSD 120.5bn) under the deal with the IMF. Public debt stood at EUR 12.7bn or 39.7% of GDP in February.

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