Serbia plans to sell EUR 424mn of short-term treasuries in September.

By bne IntelliNews August 30, 2012
Serbia plans to sell dinar-denominated debt paper worth a nominal RSD 43bn (EUR 364mn) and euro-denominated securities of EUR 60mn in September, the Finance Ministry's treasury department said in a statement. The ministry will issue short-term dinar-denominated securities, with maturities ranging from three months to three years. It will hold four auctions to sell the planned dinar-denominated debt paper in September. A fifth auction will be held on Sept 3, offering a EUR 60mn issue of euro-denominated 53-week Treasury notes, which would be put for sale again if the ministry fails to sell the whole offering. In August, the treasury had set a target to sell short-term debt paper denominated in dinars worth RSD 35.94bn, down from initially announced RSD 45.3bn, plus further EUR 40mn of euro-denominated T-notes. Economy and finance minister Mladjan Dinkic said earlier in August he is in talks with international lenders on securing funds worth EUR 2bn, adding Serbia is sticking to its plans to issue Eurobond this year. The country will also try to negotiate a new stand-by deal with the IMF later this year, looking for cheaper budget financing as borrowing costs on the domestic debt market climb. The central bank has reported that Serbia's public debt rose by EUR 674mn in the second quarter of the year to EUR 15.3bn at end-June, and its share in the projected GDP rose by 4.0 percentage points through the quarter to 54.7%. The share of public debt in exports of goods and services also went up - by 4.2 pps to 132.4%, and the ratio of public debt to budget revenue rose from 113.7% to 119.9%. Public debt repayments were lower in Q2 than in Q1, the central bank has said.

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