Serbia plans to auction EUR 1.3bn worth of debt in Q2 2014, equaling to 3.7% of GDP

By bne IntelliNews March 20, 2014

Serbia plans to borrow the equivalent of EUR 1.27bn on the domestic market in the second quarter of 2014, which is roughly 29% more than the planned domestic debt issuance in the like period of 2013, the finance ministry's Treasury department said. The figure equals to 3.7% of the full-year GDP projection, according to IntelliNews calculations.

The ministry will issue euro-denominated securities worth EUR 425mn in Q2, up from EUR 225mn planned in Q2 2013, and dinar-denominated debt worth RSD 99bn (EUR 854mn), up 11.2% y/y.

The maturities will range from three months to three years for the dinar debt and from 53 weeks to five years for the euro debt.

In 2013, Serbia issued the equivalent of EUR 3.8bn (11.6% of the full-year GDP forecast) of debt paper on the domestic market. The country also placed two Eurobond issues in February and November on the international financial market worth a combined USD 2.5bn (EUR 1.8bn).

In 2014, Serbia plans to borrow some EUR 5.6bn to service its debt and finance a budget gap that is expected to reach 7.1% of economic output. In net terms, the country’s public debt will increase by EUR 1.6bn in 2014, finance minister Lazar Krsic has said earlier.

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