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Serbia to release dinar and euro savings bonds

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Serbia will issue its first savings bonds next week, the Serbian debt agency announced on Thursday, in an effort to bolster the country’s domestic debt market.

The tax-free savings bonds will be issued in both dinars and euros, the preferred foreign currency, and will mature in two to 10 years, the agency said in a statement on its Web site. A total of 12 billion dinars and 80 million euros worth of bonds will be issued.

“The savings bonds represent an affordable financial instrument which requires a minimal investment of 2,000 dinars ($19.92) for dinar-denominated bonds or 100 euros ($117.72) for euro-denominated savings bonds,” it said.

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The dinar bonds are set to yield from 4 to 6.25 percent, the euro bonds from 1 to 4 percent. They will carry coupons of 3 to 5.5 percent for dinars and 0.5 to 2.75 percent for euros, depending on the maturity date.

A single investor will be allowed to purchase, per issue, up to 5,000 dinar-denominated bonds with a total value of 10 million dinars and up to 500 euro-denominated savings bonds worth a total of 50,000 euros.

They will be available for purchase at the state-owned Postanska Stedionica bank between Nov. 20 and Dec. 1. Their release is set for Dec 27.

Source; Reuters

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