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Announcement regarding the state of emergency in Serbia
Category: News
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Serbia may achive an investment – Grade Credit Rating
Serbia may achieve an investment-grade credit rating by 2021, backed by solid economic growth, Erste Group said.
“This could be achieved, given that the fundamentals have improved greatly in the last few years,” Erste Group said in a macroeconomic insights report earlier this week.
The Serbian bond market will remain attractive for international investors if the dovish bias of global central banks remains, Erste Group said.
It can be expected that Serbia will have the same credit rating as Spain and Portugal in the coming period, and better than Italy and Andorra.
1.SWI credit ratings are estimated for the time period 2020-2022.
Source: Wikirating
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Serbia adjusts local laws to become a member of Euroclear!
The Serbian Parliament has adopted amendments to the Law on the Capital Market, which enables the increase of the bases and structures of potential investors who will invest in domestic securities.
The Minister of Finance said in the discussion that the amendments were made to harmonize the provisions of the Capital Market Act with the Law on Public Debt.
He emphasized that by increasing the availability and attractiveness of domestic securities to foreign investors, we will reduce financing costs and ensure better diversification of investors investing in domestic securities.
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Serbia – top performing country globally
The Republic of Serbia is number 1 globally for the third year in a row, as the country that creates most FDI jobs per million inhabitants, according to “IBM Global Location Trends 2019“, which is considered
the most important measure of FDI performance.
Furthermore, based on job creation Serbia ranks and 5th in Europe and 12th globally in the overall ranking.
According to “IBM Global Location Trends 2019” report, Serbia also stands in the first position in the world as a country with the highest percentage of the export-oriented investment projects (91,2%), along with the number one rank for the number of newly created jobs through FDI projects initiated in 2018 in the electrical equipment sector.
Global trends, in general, show a decrease in the number of created jobs by 10% and, also 5% decrease when it comes to the number of investment projects.
The share Europe has in the global statistics of newly created jobs in 2018 is just 34%.
„IBM Global Business Services“ for years now does a detailed analysis of the investment climate and projects all over the world, and also country by country reports, with a special focus on the number of newly created job criteria.
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More than 50 offers and 44 global companies have shown that they know what will happen to Serbia in 2040!
Yesterday, requests for the purchase of 20-year Serbian bonds arrived from 56 countries around the world!
Demand was three times higher than the 10-year bond offer and of course the record 20-year debt!
The government accepted 44 offers, and the Serbian bonds, which were to be trusted, given the longest maturity, eventually bought 44 investors – five banks and individuals each, 18 custodian clients and 16 other legal entities.
As lightning from the clear sky, information echoed that Serbia was selling bonds for 20 years.
Does this mean that investors around the world from the most powerful financial circles, believe that our country will be able to repay their invested money in 2040 is a question that arose when the Ministry of Finance announced the issue of Eurobonds worth 150 million euros.
International investors have confidence in Serbian bonds, that is, Serbia’s economy, which is why there is a lot of interest in Eurobond issues.
The Serbian Euro bond is denominated in Euros, which means that it is protected against any possible acceleration of inflation and does not depend on any changes in the exchange rate. It would be completely different if the bonds were in dinars, because then the risks would be higher, so it would probably be significantly more difficult to issue long-term bonds in dinars.
Serbia has previously issued bonds for a period of 10 and 15 years. The most recent example is the bond issue on the London Stock Exchange, with a ten-year maturity of 1.6 percent. The transaction of June last year involved 300 investors and demand was six times higher than supply.
New information is that the state will soon offer dinar bonds for a period of 12 years in the international securities market.
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By increasing the number of investors, we develop the capital market
Belgrade – “Foreign investors and funds will be able to invest in domestic securities and the Serbian capital market in a fast and efficient manner,” the finance minister said.
The Minister of Finance of Serbia, explaining the Bill on Amendments to the Law on the Capital Market, said that it would enable the base and structure of potential investors to invest in domestic securities to be increased.
He explained that the proposed amendments bring the provisions of the Capital Market Act into line with the Law on Public Debt.
“Foreign investors and funds will be able to invest in domestic securities and the Serbian capital market in a fast and efficient manner,” the Serbian Finance Minister said.
These activities will be monitored by leading banks in Serbia, such as UniCredit, Intesa, Raiffeisen Bank and OTP Bank.
By increasing the availability and attractiveness of domestic securities to foreign investors, we reduce our financing costs and ensure better diversification of investors investing in domestic securities.
In this way, the capital market is improved and developed.
Last year, we had two very successful Eurobond issues at historically lowest interest rates. At the last issue of bonds in November, we issued EUR 550 million of bonds with a yield of 1.25 percent, and previously in June we issued a bond of EUR 1 billion, for a period of ten years, with a yield rate of 1.619 percent and six times the demand .
The issue of Eurobonds denominated in euro for a term of 20 years will be issued tomorrow, which is the first time since the bonds issued so far have been denominated in euro for a maximum of 15 years, but mostly less.
Serbian bonds were included in the list for potential inclusion in JP Morgan’s index of sovereign bonds of developing countries.
Also, on the agenda of the Assembly is the Bill on Ratification of the Loan Agreement between the Republic of Serbia and the International Bank for Reconstruction and Development, which aims to increase productivity and strengthen the market links of small and medium-sized agricultural food producers.
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Serbian dinar bonds near inclusion in the J.P. Morgan bank index📈
The National Bank of Serbia has announced that the US investment bank and financial institution “J.P. Morgan” has announced that it is “considering the positive outlook” to include the dinar bonds of the Republic of Serbia in its developing market bond index “J.P. Morgan GBI-EM Index”.
The NBS interprets this as a recognition of Serbia for its economic and financial market development results, as well as for the creation of a favorable domestic investment environment.
Just a few years ago, this was unthinkable.
In the event of a positive decision, the effects on the domestic financial market will be numerous: the base of investors investing in our country will be further expanded, and Serbia will be open to access the widest group of eminent investors in the world.
In the report, J.P. Morgan noted an increase in foreign investors’ demand for Serbia’s securities and a rise in liquidity in the secondary market over the past two years.
Just putting Serbia on the “Index Watch Positive” is a clear signal, Serbia has fulfilled all the prerequisites to be in a reputable group of developing countries that international investors consider safe to invest.
Consideration will be given to the inclusion of RSD bonds of the Republic of Serbia in the “GBI-EM Global Diversified” index of the same bank, which is a “benchmark” index of bonds of developing countries in local currency.
This is another confirmation of the quality of Serbia’s bonds on the world market.
The approach of the Ministry of Finance is to develop the domestic capital market and to keep Serbia in the foreign market, with good financial instruments that it can offer to world investors.
Amendments to the Capital Market Law have been announced for the coming week, which will enable them to increase the base and structure of potential investors who will invest in domestic securities.
Serbia’s negotiations with the European Union recently opened “Chapter 4 – Free Movement of Capital”, which is an acknowledgment that Serbia has conditions for future integration with European markets, and that Serbia’s accession to Euroclear Bank is being negotiated until the end of this year.
All this, together with the increased credit rating granted by Serbia’s leading ratings agencies Standard and Poor’s and Fitch last year, allows one to successfully plan economic growth and carry out investments under the recently announced Serbia 2025 plan.
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EU opens one chapter in accession negotiations with Serbia
During the intergovernmental conference in Brussels, the European Union agreed on Tuesday ,10 December 2019 , to open Chapter four on the free flow of capital in the accession negotiations with Serbia.
The EU Enlargement Commissioner, said the new chapter brought Serbia closer to the bloc.
On the understanding that Serbia has to continue to make progress in the alignment with and implementation of the acquis covered by this chapter, the EU noted that there are benchmarks that need to be met for its provisional closure.
As regards the benchmarks, the opened chapter may only be provisionally closed once it is agreed by the EU that the following benchmarks have been met:
With respect to capital movements and payments, Serbia completes its legislative alignment with the acquis and demonstrates it will be able to fully implement it by accession, ensuring that all remaining restrictions are removed;
On payment systems, Serbia demonstrates it will be able to fully implement Directive (EU) 2015/2366 by accession, including the relevant “level two” acts mentioned in section 2, and that it will be able to effectively apply Regulation (EC) No 924/2009 and Regulation (EU) No 260/2012;
In the area of anti-money laundering and counter-financing of terrorism, Serbia completes the necessary legislative alignment with the acquis, international standards (as defined by the Financial Action Task Force) and demonstrates, through a track record, an improved administrative capacity to properly implement and enforce the relevant legislation in all areas of anti-money laundering, including recommendations made by the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism of the Council of Europe, MONEYVAL, resulting in an increasing effectiveness of monitoring, supervision, financial intelligence, investigation, prosecution and conviction.
NBS: Standard and Poor’s raises Serbia’s credit rating to BB +
The rating agency Standard and Poor’s has increased Serbia’s credit rating from “BB” to “BB +”, the National Bank of Serbia announced.
The decision to increase Serbia’s credit rating was made by Standard and Poor’s in the conditions of confirmed resilience of our economy to external shocks and growth driven by investments, significant improvement of our macroeconomic indicators, adequate monetary policy of the National Bank of Serbia and sound fiscal discipline.
Analyzing developments in the banking sector, the NBS states that the agency particularly highlighted significant results in terms of sustainable reduction of problem loans, by nearly 75 percent since the implementation of the Strategy for their resolution.
“In support of the stability of the domestic financial system, it is also stated that the banking sector in Serbia is highly capitalized and liquid, with a good domestic deposit base,” NBS said.
The Agency also estimates that Serbia’s economic growth in 2019, despite the global slowdown, will be higher than initially projected and will be 3.6 percent, while for 2020 it is projected that economic growth will be close to four percent with continued export and strong investments.
It is also emphasized the contribution of domestic demand to economic growth, driven by double-digit growth in investment in stable business conditions, with private consumption supported by favorable developments in the labor market, and as one of the important factors on which Serbia was immediately granted a positive outlook for further increase of credit rating, the continuous inflow of foreign direct investments and their increasingly efficient investment were highlighted.
Standard and Poor’s emphasizes the NBS’s performance in maintaining low and stable inflation and expects the central bank to successfully maintain price stability in the medium term, as it has demonstrated operational independence and has earned credibility over the past six years, the statement said.
It is also emphasized that NBS interventions in the foreign exchange market in order to prevent excessive short-term fluctuations in the dinar exchange rate against the euro, significantly contributed to maintaining the price and financial stability and growth of the country’s foreign currency reserves to a record level, and in such conditions the dinar bond market was deepened, by extending the maturity dinar government securities for ten years.
