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Croatia issues bond on domestic market

Xinhua, July 7, 2016 Adjust font size:

Croatia issued bonds on the domestic market worth six billion kunas (about 890 million U.S. dollars) to refinance bonds maturing in July, the finance ministry said on Wednesday.

A bond worth 3.5 billion kunas matures on July 22, it said.

The five-year bond was issued at the interest rate of 2.75 percent and a 2.85-percent yield, the ministry said in a statement.

This is the second bond issue on the domestic market this year.

Croatia needs some 27 billion kunas to refinance maturing bonds and cover the budget gap this year, according to local media.

Last month, Croatia postponed a Eurobond issue on the international markets due to a higher risk premium amid political instability in the country which led to the stepping down of the five-month government.

An early election is expected to be held in September.

Analysts here believe the new government will face severe financial challenges unless it implements reform and pursues decisive fiscal consolidation. Endit