Serbia sold RSD 9.9bn (EUR 85mn) of 53-week T-notes, or 98.6% of the amount on offer, at an auction on March 4, the country’s public debt administration said in a statement.
Despite strong demand equalling to RSD 14.3bn (142.6% of the amount on offer), the annual yield rose to 8.88% from 8.58% achieved at the previous such auction held on February 18. The Treasury sold 986,434 securities, maturing on March 12, 2015.
We expect yields on Serb government debt papers to remain high in the following months. The trend reflects both external (lower risk aversion of international investors) and internal factors (fiscal imbalances and political uncertainty ahead of the March early parliamentary elections).
Serbia plans to sell dinar-denominated debt paper worth a nominal RSD 60bn and euro-denominated securities worth EUR 125mn in March 2014. In February, the Treasury sold RSD 33.3bn in dinar-denominated debt papers, 72.4% of the monthly target, and EUR 50mn in euro-denominated securities (100% of the target).
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