Serbia plans to sell EUR 339mn of debt paper in November.

By bne IntelliNews October 26, 2012
Serbia plans to sell dinar-denominated debt paper worth a nominal RSD 34bn (EUR 299mn) and EUR 40mn of euro-denominated securities in November, the Finance Ministry's treasury department said in a statement. The ministry will issue dinar-denominated securities with maturities ranging from three months to five years. It will hold five auctions to sell the planned dinar-denominated debt paper in November. A sixth auction will be held on Nov 13, offering a EUR 40mn issue of euro-denominated 18-month T-notes. In October the Treasury placed 70% of the targeted amount of RSD 31bn dinar-denominated securities after selling only 56.6% of the RSD 53bn target in September. On October 31, the Treasury will offer for sale EUR 50mn of euro-denominated securities and this will be its sole auction of euro-denominated debt this month although the initial plan was to stage a second auction, offering EUR 100mn worth of debt. At end-September the government reopened last year's 2021 Eurobond tenor, placing USD 1bn at an annual yield of 6.625%, considerably lower than at the Eurobond's first opening in September 2011 when it sold again USD 1bn again but at a higher yield of 7.25%. The government lifted the initial USD 750mn target in last month's sale after witnessing the increased appetite of foreign investors, who placed bids for USD 4bn - four times the sold amount. Finance minister Mladjan Dinkic said last week Serbia might place another Eurobond issue worth EUR 500mn in the coming months if market conditions continue to be favourable. The country is also trying to start negotiations on a new stand-by deal with the IMF, looking for cheaper budget financing as borrowing costs on the domestic debt market climb.

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