REPUBLIC OF SERBIA - javnidug.gov.rs za investitore/2017/Investor... · Fitch Ratings –In December 2016, the Fitch ratings affirmed the Republic of Serbia credit ... (+52%), paper

Ministry of Finance

INVESTOR PRESENTATION JUNE 2017

REPUBLIC OF SERBIA

1. Republic of Serbia – Overview

4. Fiscal Policy and Debt Management Strategy

3. Banking Sector

2. Macroeconomic Background

Serbia at a Glance

Key Facts

Resilient economy on the path to full integration with Europe

Form of Government: Parliamentary Republic

Territory: 88,361 sq. km

Capital: Belgrade

Population: 7.1 million(1,2)

GDP per capita: EUR 4.971(1,2)

Nominal GDP: EUR 35.3bn(1,2)

Credit ratings: BB-/BB-/Ba3

Currency: Serbian Dinar (RSD)

Current exchange rate: EUR/RSD = 122.3165 (3)

USD/RSD = 108.6003 (3)

Vilnius

EU Non-EU

SERBIA

Nis

Kragujevac

Novi Sad

Belgrade

1 National Statistics Office as of 2017, Minstry of finance as of 2017, 2 Excluding Kosovo and Metohija, 3 NBS as of 5 June 2017

Recent Milestones and Progress to EU accession

EU membership

application

Responses to

the European

Commission’s

Questionnaire

20082006 2009 20112009 2011 2012

EU candidate status

awarded

EC agrees to start

Serbia’s EU accession

negotiations in January

2014

2013

3

Jan

2014

Serbia started EU

accession

negotiations

April

2014

Formation of new

Government

Nov

2014

Serbia reached

IMF agreement

Dec

2015

Serbia opened

chapters 32 and

35 in the process

of EU accession

July

2016

Serbia opened

chapters 23 and 24

in the process of

EU accession

Aug

2016

Formation of

new

Government

Dec

2016

Serbia opened

chapters 5 and 25

in the process of

EU accession

May-17 May-16 Change May-17 May-16 Change May-17 Change

Serbia BB- BB- no change BB- B+ Ba3

Bulgaria BB+ BB+ no change BBB- BBB- no change Baa2 no change

Croatia BB BB no change BB BB no change Ba2 no change

Hungary BBB- BB+ BBB- BB+ Baa3 no change

Romania BBB- BBB- no change BBB- BBB- no change Baa3 no change

Latvia A- A- no change A- A- no change A3 no change

Lithuania A- A- no change A- A- no change A3 no change

Serbia’s Rating In Comparative Perspective

Credit Rating History

Standard and Poor's – In December 2016, the S&P affirmed Serbia’s credit rating at BB-, while outlook revised to positive from stable. Main factors

which contributed to revision are Serbia`s improved fiscal performance and the prospects for further gains. The improved result comes from better

collections of VAT and excise taxes revenues and higher non-tax revenues. This credit rating agency emphasizes improvement of Serbia`s CAD, and it

is expected that the FDI net inflows will fully finance the CAD. The Serbian economy saw a continued recovery throughout 2016, with real GDP expected

to grow by 2.7%.

Fitch Ratings – In December 2016, the Fitch ratings affirmed the Republic of Serbia credit rating at level 'BB-'. The outlook is stable. The affirmation of

credit rating reflects the view that Serbia will continue to implement fiscal consolidation and structural reform program, as well as to continue EU

accession negotiations and implement further the IMF reform program. The government of the Republic of Serbia continues resolving structural issues in

conditions of economic growth based mainly on investments, public enterprises restructuring and FDI attraction. Fitch Ratings also emphasizes that the

Serbia`s CAD has been fully covered by FDI inflows since 2015, leading to a gradual decline in net external debt.

Moody's – In March 2017, Moody’s rating agency has upgraded Serbia’s credit rating to Ba3. The outlook has been revised to stable. Moody’s decision

to raise Serbia’s credit rating reflects primarily the successful implementation of the fiscal consolidation program and structural reforms, as well as

improved economic growth prospects, recovery in exports, the price stability and further opening of EU accession chapters.

4

1. Republic of Serbia – Overview


3. Banking Sector


Exports Have Been A Major Driver Of Economic Growth

Source: National Statistics Office, Ministry of Finance

*Projected

Source: Eurostat

Real GDP Growth (Y-o-Y)

Real GDP Growth 2011 – 2016 (Y-o-Y)

• In 2016 the Republic of Serbia marked 2.8% growth, while estimated growth

for 2017 and 2018 is revised up to 3.0% and 3.5%, respectively.

• In Q1 2016, GDP grew by 3.5% primarily on the basis of better construction

and industrial performance, while real economic growth in Q2, Q3 and Q4

2016 was 2.0%, 2.5% and 2.5%, respectively.

• The GDP growth in 2016 was dominantly based on investments in fixed

assets 6.4% (Y-o-Y).

• In the first four months of 2017 exports of goods increased by 11.8% in

value terms over the corresponding 2016 period, while imports of goods

increased by 13.0%, mainly due to energy imports (in EUR terms).

• Exports of machinery and equipment in 2017 had the leading 14.8% share

followed by basic metals with 5.2% share and electrical equipment 5.0%

share in total exports (in EUR terms).

• In the four months of 2017 the export-import ratio was on the level of 77.8%,

while in 2016 was 78.6%.

Source: National Statistics Office, National Bank of Serbia

Exports of Goods – Nominal Growth (Y-o-Y)

6

-3

-2

-1

0

1

2

3

4

5

6

2012 2013 2014 2015 2016

Serbia

Romania

Bulgaria

Croatia

Hungary

*Preliminary Data

3,8%

26,0%

1,4%

7,8%

11,5% 11,80%

0%

5%

10%

15%

20%

25%

30%

2012 2013 2014 2015 2016 Apr-17

33,4

31,7

34,3

33,3 32,9

34,135,3

1,4%

-1,0%

2,6%

-1,8%

0,7%

2,8%

3,0%

-3%

-2%

-1%

0%

1%

2%

3%

4%

29

30

31

32

33

34

35

36

2011 2012 2013 2014 2015 2016 2017*

GDP, EUR bn GDP growth rate

External Position

Exchange Rate USD/RSD (May 2016 – May 2017)Exchange rate EUR/RSD (May 2016 – May 2017)

Source: National Bank of Serbia

Source: National Bank of SerbiaSource: National Bank of Serbia

• At the end of April 2017 Serbia had a level of FX reserves at EUR

9.4bn (about 6 months of imports coverage) and net reserves at EUR

7.7bn which provide a good cushion for the Serbian external position

• At the end of December 2016 external debt stood at EUR 26.2bn,

including private sector external debt of EUR 10.5bn

• During 2015 and 2016 EUR/RSD exchange rate showed limited

volatility. In 2015 and 2016 the average exchange rate EUR/RSD was

120.7 and 123.1 respectively

Foreign Exchange Reserves (mln EUR)

7

10,9

11,2

9,9

10,4

9,4

8,5

9,0

9,5

10,0

10,5

11,0

11,5

2012 2013 2014 2015 Apr-17

110,0

112,0

114,0

116,0

118,0

120,0

122,0

124,0

126,0

85,0

90,0

95,0

100,0

105,0

110,0

115,0

120,0

125,0

Trade Balance

Balance of Payments (% of GDP)

Source: National Statistics Office, National Bank of SerbiaSource: National Statistics Office

Trade Deficit (% of GDP)

Source: National Statistics Office, National Bank of Serbia;* forecast

External Trade as (% of GDP)

• Current account deficit in 2016 reached historical minimum level of

4.0% of GDP, while estimated CAD in 2017 and 2018 is established at

level of 3.9% and 3.7% of GDP, respectively

• In 2016 CAD was about 13.1% less compared to 2015 mainly due to

significant improvement in trade balance

• The significant growth rates in 2017 were recorded in export of basic

metals (+52%), paper and paper products (+23%), crop and animal

production (+23%) and machinery and equipment (+20%) comparing

to last year

• Strong FDI inflows in export-oriented sectors, will stay more than

sufficient to cover the CAD

8

5,9

4,54,3

4,4

4,0

1,4

18,8%

13,0% 13,0%

13,3%

11,6%

11,6%

5,0%

7,0%

9,0%

11,0%

13,0%

15,0%

17,0%

19,0%

21,0%

0,0

1,0

2,0

3,0

4,0

5,0

6,0

7,0

2012 2013 2014 2015 2016 Apr-17

Trade deficit (EUR bn) Trade deficit (% of GDP)

-6,1%-6,0% -4,7% -4,0%

-3,9%

2,2% 1,4%

-1,8%

3,8%3,7% 5,4% 5,5% 4,5%

-8,0%

-6,0%

-4,0%

-2,0%

0,0%

2,0%

4,0%

6,0%

8,0%

2013 2014 2015 2016 2017*

Net FDI Financial Account ex. FDI Current Account

27,6%32,1% 33,6%

36,6%39,4% 40,4%

46,5% 45,1% 46,8%49,8% 51,0% 52,0%

0%

10%

20%

30%

40%

50%

60%

2012 2013 2014 2015 2016 Apr-17

Export Import

Serbia’s Exports and Imports in Jan-Apr 2017

Import of Goods

Import of GoodsExport of Goods

Source: National Statistics OfficeSource: National Statistics Office

Export of Goods

Source: National Statistics Office Source: National Statistics Office

9

68%

7%

15%

10%EU

CIS

MEDA

Other

62%11%

7%

20%

EU

CIS

MEDA

Other

16%

13%

8%

5%

6%4%

49%

Italy

Germany

Bosnia and Herzegovina

Romania

Russian Federation

Montenegro

Others

10%

12%

9%

8%

5%4%

52%

Italy

Germany

Russian Federation

China

Hungary

Poland

Others

…And By Types Of Products

Source: National Statistics Office

Export Jan-Apr 2017 (FOB) Import Jan-Apr 2017 (CIF)


External Trade as % GDP

• Serbia’s exports are reasonably diversified, covering the full range of

products from intermediate inputs, to consumer and capital goods

• This confirms that Serbia is already being integrated into the

European trade system and is able to export goods to multinational

companies operating in the global supply chain

• Intermediate and capital goods have been the fastest growing export

product categories in period 2011-2016, one of the positive results of

the direct foreign investment that Serbia has attracted in recent years

due to the Government of Serbia subsidy program

• The automobile industry as the main Serbian’a export sector

continues to grow. Export of steel products are growing by 92.8% yoy


10

2%

37%

25%

5%

22%

9%

Energy

Intermediate goods

Capital goods

Durable consumer goods

Non durable consumer goods

Unclassified by MIG destination

11%

34%

20%

2%

14%

19%Energy

Intermediate goods

Capital goods

Durable consumer goods

Non durable consumer goods

Unclassified by MIG destination

27,6%32,1% 33,6%

36,6%39,4% 40,4%

46,5% 45,1% 46,8%49,8% 51,0% 52,0%

0%

10%

20%

30%

40%

50%

60%

2012 2013 2014 2015 2016 Apr-17

Export Import

Foreign Direct Investments

Net FDI Diversification by Geography (2016)

Net FDI Diversification by Sector (2016)Net Foreign Direct Investment (EUR mln)

• NFDI’s in 2016 reached the level of EUR 1.9bn. The FDI/CAD

coverage for 2016 stood at 135.8%. The biggest FDIs were in

manufacturing sector (rubber production, motor vehicles, food

production), financial sector, construction, retail trade sector,

telecommunication and IT sector

• Estimated level of NFDI’s for 2017 stands at EUR 1.6bn. In the first

three months of 2017, net FDI inflow stood at EUR 370 mln

• FDI projection for the coming years also envisages full coverage of

CAD

• Air Serbia improved performance of the Belgrade Airport Nikola

Tesla which became very attractive to potential investors

• Serbia improved the position on the World Bank’s Doing Business

List 2017 and ranked at the 47th position in comparison to previous

54th in 2016 (one of the ten most-improved countries)


Source: National Statistics Office; National Bank of SerbiaSource: National Statistics Office, National Bank of Serbia

*2012 data affected by Telekom Srbija’s buyback of its Treasury shares from OTE (EUR 380m)

11

13,6%12,7%

11,5%10,7%

8,2%

6,0% 5,6%4,2% 4,0% 4,0%

0,0%2,0%4,0%6,0%8,0%

10,0%12,0%14,0%16,0%

34,2%

9,0%12,5%

9,0%

20,3%

3,5%4,6%

6,8%

Manufacturing

Wholesale and retail trade

Construction

Real estate activities

Financial intermediation

Transport and storage

Information andcommunication

Other

3.320

753

1.298 1.236

1.804 1.861

370

0

500

1000

1500

2000

2500

3000

3500

2011 2012 2013 2014 2015 2016 Mar-17

Inflation in the Target Band in the first half of 2017




• Inflation has been moving below the target tolerance band since March

2014 mainly due to movements in food and oil prices

• According to the NBS estimate, y-o-y inflation is expected to rise

moderately and to enter the target tolerance band in the first half of

2017

• During 2015, the NBS gradually reduced its key policy rate (KPR) by

350 bps and at the end of December 2015 KPR was at the level of

4.50%, meanwhile in 2016 NBS reduced KPR for additional 50 bps to

the level of 4.00% in July 2016

• NBS reduced inflation target to the level of 3.00%±1.50% (starting from

January 2017)

Y-o-Y Inflation eop Key Policy Rate and Money Supply

Contribution of CPI Components to Y-o-Y Inflation (%)

12

7,0%

12,2%

2,2% 1,7% 1,5% 1,6%

4,0%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

14,0%

2011 2012 2013 2014 2015 2016 Apr-17

-8

-3

2

7

12

17

Services Energy

Industrial goods excluding food and energy Processed food

Unprocessed Food

-10,0%

-5,0%

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

30,0%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

14,0% Key Policy Rate (left axis) M2 (YoY) (right axis)

1. Republic of Serbia - Overview


3. Banking Sector


Banking Sector Overview


*latest available comparable data


Asset Structure

Liabilities and Capital Structure

Consolidated Balance Sheet of the Banking Sector

14



*latest available comparable data

55%

16%

13%

8%2%

6%

Loans and receivablesfrom clients

Financial assets availablefor sale

Currency and depositswith the central bank

Loans and receivablesfrom banks and otherfinancial organisationsFixed assets

9%

67%

1%

13%

6%

3%

1%

Deposits to banks, OFO and thecentral bank

Deposits to other customers

Subordinated liabilities

Share capital and other capital

Reserves and unrealised losses

Profit

Other

Assets 2012 2013 2014 2015 2016 Apr-17

I. Foreign Assets 35.7% 36.2% 35.2% 34.1% 33.1% 31.5%

Of which NBS 31.4% 32.8% 28.9% 29.3% 27.8% 26.3%

II. Domestic credit 56.6% 56.% 56.9% 58.1% 58.5% 60.0%

of which Government 7.3% 8.6% 10.9% 12.4% 14.0% 14.4%

of which Companies 28.1% 25.7% 23.2% 22.9% 22.1% 22.2%

of which Households 16.4% 17.1% 17.3% 17.5% 18.4% 19.5%

Others 4.8% 4.6% 5.5% 5.3% 4.0% 3.9%

III. Other Assets 7.8% 7.8% 7.8% 7.8% 8.4% 8.5%

Total Assets (EUR bn) 35.0 34.4 34.6 35.7 37.2 36.2

Liabilities 2012 2013 2014 2015 2016 Apr-17

I. Foreign Liabilities 18.8% 14.7% 10.5% 9.1% 7.8% 7.5%

II. Government depostis 4.9% 7.3% 8.0% 7.3% 6.6% 6.0%

III. Currency in circulation 2.8% 3.1% 3.1% 3.2% 3.5% 3.4%

IV. RSD deposits 9.3% 10.8% 11.6% 13.0% 14.2% 13.6%

V. FX deposits 29.2% 29.7% 29.9% 29.9% 30.4% 31.7%

VI. Other Liabilities 35.0% 34.4% 37.0% 37.5% 37.5% 37.8%

Total Liabilities (EUR bn) 35.0 34.4 34.6 35.7 37.2 36.2

A Strong Capital Cushion Offsets Relatively High NPLs




Credit Growth Y-o-Y

Capital Adequacy Ratio and NPL’s (%)

Banking Sector Ownership by Assets (Q3, 2016)

15

• At the end of December 2016 CAR stands at high level of 21.8%,

mainly due to recapitalization, higher reserves from capital and lower

capital requirements for credit risk

• NPLs are fully covered by balance sheet loan loss reserves. IFRS

provision (68.5% in December 2016) cover more than half of NPLs.

Among others, NBS regulatory measures allow the sale of NPLs to

non financial entities and better tax treatment on restructured debt

• The share of NPLs has a downward trend - at March 2017 it stood at

16.8%, 4.1 pp lower compared to March 2016

• Liquidity ratio of the banking system is higher than the regulatory limit

(2.2 in March 2017) and liquid assets represent 36.0% of total assets

at the end of March 2017

• The loan to deposit ratio for the banking sector remains on a

conservative low level 0.91 in March 2017

15,1%

26,6%

12,5%10,1%

11,7%

23,9% Austria

Italy

Greece

France

Other foreign banks

Domesticaly owned banks

18,6%

21,4% 21,5% 21,6%

17,0% 16,8%

19,9%

20,9%

20,0%

20,9%

21,8%22,3%

15,0%

16,0%

17,0%

18,0%

19,0%

20,0%

21,0%

22,0%

23,0%

2012 2013 2014 2015 2016 Mar-17

NPL's CAR

-15,0%

-10,0%

-5,0%

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

30,0%Loans to households

Loans to enterprises

Total loans

1. Republic of Serbia - Overview


3. Banking Sector


Fiscal Policy Measures – New IMF Agreement

Fiscal consolidation measures and structural changes for 2017:

– Reform of tax administration and public revenue system

– Reform of public enterprises

– Public administration reform and rightsizing

– Improvement of capital expenditure planning and realization

– Business environment improvement

• Central Government budget surplus 0.1% GDP and General

Government budget deficit 1.3% GDP in 2016

• Six successful IMF program reviews during 2015 and 2016

Source: Ministry of Finance


* projected


Consolidated Fiscal Balance (% of GDP)

Central Government Budget (RSD bn)Tax Revenues (as % of GDP)

17

-1,5%-1,9%

-2,6%

-4,4%-4,6% -4,8%

-6,8%

-5,5%

-6,6%

-3,7%

-1,3%

1,5%

-8,0%

-7,0%

-6,0%

-5,0%

-4,0%

-3,0%

-2,0%

-1,0%

0,0%

1,0%

2,0%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Apr-17

0%

5%

10%

15%

20%

25%

2011 2012 2013 2014 2015 2016

Other tax revenues Duties Profit tax Personal income tax Excises VAT

788 812881

9481042

1093

980 986

11281063 1037

1162

-192 -174-247

-115

5

-69

-400

-200

0

200

400

600

800

1000

1200

1400

2012 2013 2014 2015 2016 2017*

Revenues Expenses Balance

The IMF completed the first review of Serbia’s economic performance under the SBA on 26 June 2015

– The economy has stabilized, inflationary pressures remained subdued, the external position has strenghtened and credit growth remained slow

The IMF completed the second review of Serbia’s economic performance under the SBA on 23 October 2015

– The economic growth has remained positive despite the significant fiscal tightening, the current account deficit has narrowed to a sustainable level,

confidence has improved and gradual easing of monetary policy by the NBS has been appropriate in view of still low inflation

The IMF completed the third review of Serbia’s economic performance under the SBA on 18 December 2015

– The economy has continued to recover on the back of efforts to strengthen public finances, address structural weaknesses and improve the business

climate

The IMF completed the fourth and fifth reviews of Serbia’s economic performance under the SBA on 31 August 2016

– Serbia’s economic recovery has exceeded expectations, supported by efforts to strengthen public finances, advance structural reforms and boost

investment confidence, while authorities indicated their intention to continue treating the arrangement as precautionary

The IMF completed the sixth review of Serbia’s economic performance under the SBA on 16 December 2016

– Serbia’s economy continues to strengthen, supported by the efforts to improve public finances and address structural weaknesses. Employment is

rising, inflation remains firmly under control, and public debt has started to decline. Significant progress has been made on fiscal consolidation, on

account of strong revenue and on-going expenditure control

Serbia Reiterates the Importance of Cooperation with the IMF

18

Completed first review of

Serbia’s Stand-By Arrangement

Completed second review of

Serbia’s Stand-By

Arrangement

20082006 2009 2011June 2015 Oct 2015 Dec 2015

Completed third review of

Serbia’s Stand-By

Arrangement

Completed fourth and fifth

reviews of Serbia’s Stand-By

Arrangement

Aug 2016 Dec 2016Completed sixth review

of Serbia’s Stand-By

Arrangement

Active Debt Management Has Produced Stable Funding Base

Total foreign debt

62%

Total domestic debt

38%

Other

14%

IMF, 2%

IDA, 2%

Paris Club, 5%

IBRD, 8%

Other

3%

T-bills and

T-bonds

33%

Frozen

FX bonds

2%

Guaranteed external debt

7%

Eurobond, 20%

EIB, 4%




(RSD bn)


*In accordance with the Fiscal Strategy for 2017 with projections for 2018 and 2019

Public Debt

Public Debt Service (RSD bn)

Description of the Debt Structure(As of 31 May 2017)

Development of the Currency Structure

19

125 128,0 134,0 132,5

501537,2

686,4 608,0

0

100

200

300

400

500

600

700

800

900

2015 2016* 2017* 2018*

Principal Interest

1547,52014,8

2309,02753,2

3018,63064,6

2951,1

45,4%

56,2%59,6%

70,4%

76,0%72,9% 67,1%

25,0%

35,0%

45,0%

55,0%

65,0%

75,0%

85,0%

0,0

500,0

1000,0

1500,0

2000,0

2500,0

3000,0

3500,0

2011 2012 2013 2014 2015 2016 May-17

Public debt (in RSD bn)

Public debt (% of GDP)

18,3% 20,3% 21,4% 22,2% 20,9% 21,7%

51,0% 45,9% 41,7% 39,8% 39,7% 40,1%

23,1% 27,7% 31,5% 32,9% 33,9% 32,8%

5,7% 4,6% 4,2% 3,9% 3,7% 3,5%

1,9% 1,5% 1,2% 1,2% 2,0% 1,9%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2012 2013 2014 2015 2016 May-17

Other SDR USD EUR RSD

Debt Mix and Currency Structure

Source: Ministry of Finance, as of 31 May 2017 Source: Ministry of Finance, as of 31 May 2017

Source: Ministry of Finance, as of 31 May 2017

*Internal Debt – All currencies Debt on the Domestic market

** External Debt – All currencies Debt on the International market

0,5% 1,3%

Source: Ministry of Finance, as of 31 May 2017

*Internal vs **External Debt

Interest Rate Mix

Currency Breakdown

Public Debt Residual Maturity Structure

20

61,8%

38,2%Total foreign debt

Total domestic debt

79,7%

20,3%

Fixed interest rate

Variable interest rate

21,7%

40,2%

32,8%

3,5%

RSD

EUR

USD

CHF

SDR

Others

8,9%

10,7%

13,6%

24,3%5,7%

10,8%

11,1%

5,9%

9,0%

Up to 6 months

Between 6 months and 1 year

Between 1 and 2 years






Over 20 years

Government Financing Needs 2017



• The improvement in fiscal position of the Government decreased the

level of gross financing needs in 2016

• Total financing needs in 2017 are EUR 6.8bn of which EUR 1.6bn for

buy-back operations while in 2016 were EUR 4.0bn, due to significantly

lower budget deficit than initially planned

• Financing plan for 2017:

√ EUR 4.7bn government securities domestic market, of which:

* EUR 3.1bn denominated in dinars

* EUR 1.6bn denominated in euros

√ EUR 1.0bn Eurobond

√ EUR 0.4bn IBRD

√ EUR 0.4bn Abu Dhabi Emirate concessional loan

√ EUR 0.3bn other sources

• February and July 2016, 3Y RSD and 7Y RSD 110bn benchmark

bonds issued, as well as 3Y RSD 110bn benchmark in April 2017

• Improved secondary market trading of government dinar securities due

to benchmark size issues in February and July 2016, 3Y RSD and 7Y

RSD 110bn

• New dinar benchmark RSD bond issues planned in 2017

• In the first four months of 2017 Government recorded budget surplus

10.7bn RSD and General Government budget surplus 21.5bn RSD

Maturity Distribution of Local Currency Government Securities (As of 31 May 2017)

Maturity Distribution of EUR Denominated Government Securities (As of 31 May 2017)

21

5%

18%

40%

7%

28%

2%

6M

53W

2Y

3Y

5Y

7Y

10Y

9%

20%

28%

22%

14%

7%

53W

2Y

3Y

5Y

10Y

15Y

Government Securities – Domestic Market



22

RSD securities-domestic market (Jan-May 2017)

EUR securities-domestic market (Jan-May 2017) ATM of Government securities

RSD weighted average accepted rate on primary auctions



9,52% 9,38%10,10%

10,71%11,02%

12,15%12,49%

7,35% 7,54%8,49%

9,21%10,16%

10,93%11,99%

12,99%

4,96%4,42%

5,94%

7,06%

8,62%6,50%

11,99%

2,78% 3,13%3,93%

4,78%5,38% 5,68% 5,83%

2,64%3,48%

4,74%5,00% 5,32%

5,64%

0,00%

2,00%

4,00%

6,00%

8,00%

10,00%

12,00%

14,00%

3M 6M 53W 2Y 3Y 5Y 7Y 10Y

2013

2014

2015

2016

2017

0

10

20

30

40

50

60

6M 53W 2Y 3Y 5Y 7Y

RS

D B

illio

ns

Redemptions

New Issuance

-

50

100

150

200

250

53W 2Y 3Y 5Y 10Y

EU

R M

illio

ns

Redemptions

New Issuance

2,4

3,3

0

1

2

3

4

5

6

7

In y

ears

ATM RSD Securities

ATM EUR Securities

REPUBLIC OF SERBIA - javnidug.gov.rs za investitore/2017/Investor... · Fitch Ratings –In December 2016, the Fitch ratings affirmed the Republic of Serbia credit ... (+52%), paper

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