2. • Prema izdavatelju:
– Državne
– Municipalne
– Korporativne
• Prema dospijeću:
– Kratkoročne <5y
– Srednjoročne 5-10y
– Dugoročne >10y
• Prema kuponu:
– Obveznice s fiksnim kuponom
– Obveznice s promjenjivim kuponom
– Obveznice bez kupona, sa amortizirajućom glavnicom…
ObvezniceObveznice
3. • Domaće obveznice
– Kunske obveznice
– Obveznice s valutnom klauzulom
• Inozemne obveznice
– Međunarodne obveznice (Eurobonds)
– Strane obveznice (izdane na tržištu druge države, Yankee, Samurai…)
ObvezniceObveznice
4. • Lokalna izdanja - putem sindikata domaćih banaka (Erste, RBA, Zaba, PBZ, HYPO,
Splitska…)
• Eurobonds – putem inozemnog sindikata banaka (Barclays, JP Morgan, Erste Group,
Zaba…)
• Hrvatsko tržište ne poznaje sustav primarnih dealer-a niti godišnji kalendar izdanja
Primarno tržište obveznicaPrimarno tržište obveznica
5. Issuer Name Ticker Issue Date Amount Issued Maturity Date Cpn Curr
Bulgaria Government International Bond BGARIA 3.7.2014. 1.493.000.000 3.9.2024. 2,950 EUR
Croatia Government International Bond CROATI 29.5.2014. 1.250.000.000 30.5.2022. 3,875 EUR
Former Yugoslav Republic of Macedonia MACEDO 24.7.2014. 500.000.000 24.7.2021. 3,975 EUR
Hungary Government International Bond REPHUN 25.3.2014. 1.446.446.000 25.3.2024. 5,375 USD
Hungary Government International Bond REPHUN 25.3.2014. 723.223.000 25.3.2019. 4,000 USD
Lithuania Government International Bond LITHUN 22.1.2014. 500.000.000 22.1.2024. 3,375 EUR
Lithuania Government International Bond LITHUN 29.10.2014. 1.000.000.000 29.10.2026. 2,125 EUR
Montenegro Government International Bond MONTEN 20.5.2014. 280.000.000 20.5.2019. 5,375 EUR
Poland Government International Bond POLAND 22.1.2014. 1.475.906.000 22.1.2024. 4,000 USD
Poland Government International Bond POLAND 15.1.2014. 2.000.000.000 15.1.2024. 3,000 EUR
Poland Government International Bond POLAND 27.2.2014. 300.000.000 27.2.2034. 3,272 EUR
Romanian Government International Bond ROMANI 22.1.2014. 737.953.000 22.1.2044. 6,125 USD
Romanian Government International Bond ROMANI 22.1.2014. 737.953.000 22.1.2024. 4,875 USD
Romanian Government International Bond ROMANI 28.10.2014. 1.500.000.000 28.10.2024. 2,875 EUR
Romanian Government International Bond ROMANI 24.4.2014. 1.250.000.000 24.4.2024. 3,625 EUR
Slovakia Government Bond SLOVGB 16.1.2014. 1.966.100.000 16.1.2029. 3,625 EUR
Slovakia Government International Bond SLOVAK 21.2.2014. 500.000.000 21.2.2034. 3,600 EUR
Slovenia Government Bond SLOREP 8.4.2014. 1.000.000.000 8.4.2021. 3,000 EUR
Slovenia Government Bond SLOREP 8.4.2014. 1.033.750.000 9.10.2017. 1,750 EUR
Slovenia Government Bond SLOREP 4.11.2014. 1.000.000.000 25.3.2022. 2,250 EUR
Slovenia Government International Bond SLOVEN 18.2.2014. 1.090.591.500 18.2.2019. 4,125 USD
Slovenia Government International Bond SLOVEN 18.2.2014. 1.454.122.000 18.2.2024. 5,250 USD
CEE izdanja državnih obveznica u 2014CEE izdanja državnih obveznica u 2014
6. Issuer Name Ticker Issue Date Amount Issued Maturity Date Cpn Curr
Bulgaria Government International Bond BGARIA 26.3.2015. 1.250.000.000 26.3.2022. 2,000 EUR
Bulgaria Government International Bond BGARIA 26.3.2015. 850.000.000 26.3.2035. 3,125 EUR
Bulgaria Government International Bond BGARIA 26.3.2015. 1.000.000.000 26.3.2027. 2,625 EUR
Croatia Government International Bond CROATI 11.3.2015. 1.500.000.000 11.3.2025. 3,000 EUR
Montenegro Government International Bond MONTEN 18.3.2015. 500.000.000 18.3.2020. 3,875 EUR
Poland Government International Bond POLAND 7.4.2015. 1.000.000.000 10.5.2027. 0,875 EUR
Slovakia Government Bond SLOVGB 21.1.2015. 1.500.000.000 21.1.2027. 1,375 EUR
Slovenia Government Bond SLOREP 25.3.2015. 1.000.000.000 25.3.2035. 1,500 EUR
CEE izdanja državnih obveznica u 2015CEE izdanja državnih obveznica u 2015
7. • Izuzev Crne Gore, koja je izdala 5y Eurobond s najnižim kuponom u povijesti, svi
ostali izdavatelji CEE regije koriste trenutne tržišne prilike kako bi izdali obveznice
dužeg dospijeća, dugoročno osiguravajući jeftin izvor sredstava.
• U svijetlu ECB QE-a, svjedočimo povijesno niskim prinosima te se nalazimo u
okruženju gdje je cijena novca na rekordno niskim razinama.
• Tržište trenutno potiče izdanja dužih dospijeća CEE regije, postoji velika potražnja za
istima od strane europskih investitora dok je ponuda relativno ograničena.
CEE izdanja državnih obveznica u 2015CEE izdanja državnih obveznica u 2015
8. Est. Funding Needs for 2015 Next EUR/USD Redemptions Borrowing Plans for 2015
Czech Republic
[A1/AA-/A+]
• Gross domestic issuance approx. EUR
5-6bn
• EUR 300mn bond redemption in
October 2015
• No other EUR/USD redemptions in
2015 or in 2016
• Czech Republic has not issued any
Eurobond for the last two years, very
comfortable cash position
• Eurobond issue possible but unlikely
Slovakia
[A2/A/A+]
• Estimated funding needs of EUR 5bn • EUR 440m T-Bills redeem in October
• EUR 4.5bn in total mature in 2016
(February and November)
• Entered market with a EUR 1.5bn 12-
year Eurobond issue in January
• Potential 7- and/or 15-year benchmarks
+ auctions
Lithuania
[Baa1/A-/A-]
• Gross borrowing expected to total EUR
3bn out of which EUR 1.5bn to come
from international funding
• Approx. EUR 500mn bonds
redemptions in 2015
• Well prefunded for 1H 2015, might
issue international bond in 2H 2015
Latvia
[A3/A-/A-]
• Approx. EUR 400mn for 2015
international funding needs
• Approx. EUR 300mn redemptions in
2015
• Possible one Eurobond issue, likely
used for prefunding for 2016
Slovenia
[Baa3/A-/BBB+]
• Total funding needs estimated at
approx. EUR4-5bn
• Approx. EUR 700mn redemption of T-
bills in 2015
• Issued EUR 1bn 20-year bond in March
2015, completed funding requirement
for 2015, prefunded part of 2016
• In comfortable cash position
Romania
[Baa3/BBB-/BBB-]
• Total funding needs of equiv. EUR 12-
EUR 13bn
• Approx. EUR 2bn of it raised via
Eurobonds
• EUR 1bn redeemed in March
• Approx. EUR 880mn redemption in July
• Expected to issue EUR benchmark in
near future and possible second issue
later in the year
Poland
[A2/A-/A-]
• EUR 6.5bn equivalent international
funding need
• EUR 3bn in Feb 2016, USD 1bn in Jul
2015 and USD 800mln in Oct 2015
• But there is ~EUR 1.4bn CHF-
denominated redemption in May
• Poland priced a 12-year EUR 1bn on 7
Apr 2015
• Ahead of that it has already addressed
more than 50% of its total 2015 funding
need from the local markets
CEE planirana izdanja u 2015CEE planirana izdanja u 2015
22. Što smijemo raditi, koji su nam limiti…Što smijemo raditi, koji su nam limiti…
23. • HTM book (held to maturity), financijska imovina s fiksnim ili odredivim
plaćanjima i fiksnim dospijećem za koju subjekt ima pozitivnu namjeru i mogućnost
držati je do dospijeća, trenutne promjene cijena nemaju utjecaja na vrijednost
imovine…
• TRADING book, financijska imovina/obveza vrednuje se po fer vrijednosti kroz dobit
ili gubitak, klasificirana je kao imovina/obveza namijenjena trgovanju.
• AFS book (available for sale), nederivativna financijska imovina koja se definira kao
raspoloživa za prodaju ili nije klasificirana kao (a) zajmovi i potraživanja, (b) ulaganja
koja se drže do dospijeća ili (c) financijska imovina koja se vodi po fer vrijednosti kroz
dobit ili gubitak.
Knjige trgovanjaKnjige trgovanja
28. 33
77
0,0
10,0
20,0
30,0
40,0
50,0
60,0
70,0
80,0
90,0
Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13
Total funds
OMF
40,9%
DMF
1,6%
UCITS
57,5%
12.2007
OMF
69,4%
DMF
3,4%
UCITS
27,1%
06.2011
OMF
79,8%
DMF
3,7%
UCITS
16,5%
03.2014
77bn
HRK in total assets
under
management at the
end of 03.2014
80%
share of pension
funds in total
assets at the end
of 03.2014
Evolution of total assets structure by fund types (%)Evolution of total assets structure by fund types (%)
29. AZ; 8.330
Erste plavi;
2.736
PBZ CO; 3.599
ROMF; 6.538
DMF; 838
Money IF;
4.230
Equity IF;
14.560
Balanced IF;
10.365
Bond IF; 676
Other IF; 0
12.2007
AZ; 24.524
Erste plavi;
8.155
PBZ CO;
10.058
ROMF; 18.625
DMF; 2.851
Money IF;
9.421
Equity IF;
1.815
Balanced IF;
761
Bond IF; 454
Other IF; 232
03.2014
Distribution of total assets by fund types (HRKmn)Distribution of total assets by fund types (HRKmn)
12.2007 03.2014
30. Total assets structure of Croatian funds: domestic vs. foreignTotal assets structure of Croatian funds: domestic vs. foreign
Domestic
assets
87,9%
Foreign
assets
12,1%
03.2014
Domestic
assets
87,7%
Foreign
assets
12,3%
03.2013
31. Total assets structure of Croatian funds by asset types (%)Total assets structure of Croatian funds by asset types (%)
Shares
18,3%
Funds
5,6%
Bonds
59,9%
MM
5,4%
Deposit
7,3%
Cash
2,4%
Receiv.
1,0%
12.2013
Shares
17,5%
Funds
4,2%
Bonds
63,9%
MM
5,1%
Deposit
5,7%
Cash
3,0%
Receiv.
0,7%
03.2014
32. Development of bonds investments by Croatian funds (HRKmn, %))Development of bonds investments by Croatian funds (HRKmn, %))
49.1bn
HRK, investments
in bonds by
Croatian funds
total at the end of
03.2014
63.9%
share of total
assets invested
into bonds at the
end of 03.2014
16.149
49.100
48,9%
63,9%
0%
10%
20%
30%
40%
50%
60%
70%
0
10.000
20.000
30.000
40.000
50.000
60.000
Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13
Total funds Total funds
33. Evolution of bonds investments structure by fund types (%)Evolution of bonds investments structure by fund types (%)
OMF
81,2%
DMF
2,2%
UCITS
16,6%
12.2007
OMF
87,8%
DMF
4,0%
UCITS
8,2%
06.2011
OMF
93,2%
DMF
4,2%
UCITS
2,5%
03.2014
34. Bonds investments structure by fund types (%)Bonds investments structure by fund types (%)
AZ
32,5%
Erste plavi
9,8%
PBZ CO
13,2%
ROMF
25,6%
DMF
2,2%
Money IF
1,1%
Bond IF
2,6%
Balanced IF
10,1%
Equity IF
2,9%
Other IF
0,0%
12.2007
AZ
37,0%
Erste plavi
12,3%
PBZ CO
14,4%
ROMF
29,4%
DMF
4,2%
Money IF
1,0%
Bond IF
0,7%
Balanced IF
0,6%
Equity IF
0,1%
Other IF
0,1%
03.2014
35. Funds according to investments into bonds (HRK mn)Funds according to investments into bonds (HRK mn)
Funds according to proportion of bonds in total assets (%)Funds according to proportion of bonds in total assets (%)
18.191
6.061
7.084
14.439
204 665 100 102 75 557 380 505 329 295 55 58
0
2.000
4.000
6.000
8.000
10.000
12.000
14.000
16.000
18.000
20.000
AZ Erste plavi PBZ CO ROMF AZ Benefit AZ Profit CROS DMF EP Expert EP Protect Raiffeisen
DMF
ZDMF Money IF Bond IF Balanced IF Equity IF Other IF
03.2014
74,2% 74,3%
70,4%
77,5%
93,9%
68,2% 65,8% 68,4%
93,8%
73,5% 73,2%
5,4%
72,5%
38,8%
3,0%
24,9%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
AZ Erste plavi PBZ CO ROMF AZ Benefit AZ Profit CROS DMF EP Expert EP Protect Raiffeisen
DMF
ZDMF Money IF Bond IF Balanced IF Equity IF Other IF
03.2014
36. Macro slika, želimo li se pozicionirati u određene v.p.Macro slika, želimo li se pozicionirati u određene v.p.
37. Cumulative GDP performance 2008-2014 (2008=100)
-30
-25
-20
-15
-10
-5
0
5
10
15
20
Poland
Malta
Macedonia
UnitedStates
Slovakia
Sweden
Switzerland
Norway
UnitedKingdom
Germany
Luxembourg
Belgium
Estonia
Austria
France
Lithuania
Bulgaria
Iceland
Montenegro
Ireland
EU28
CzechRepublic
Romania
EU15
Hungary
Serbia
Netherlands
Latvia
Denmark
Finland
Spain
Portugal
Slovenia
Italy
Cyprus
Croatia
Greece
Source: Eurostat, Statistical offices
Divergent economic trends in the EU,
Croatia among the most affected countries
Divergent economic trends in the EU,
Croatia among the most affected countries
39. -4
-3
-2
-1
0
1
2
3
4
5
6
Croatia Slovenia Serbia Montenegro Macedonia Bosnia and Herzegovina
3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
Source: Statistical offices
GDP performance – regional overviewGDP performance – regional overview
40. S&P scale Fitch scale Moody's scale
AAA AAA Aaa
AA+ AA+ Aa1
AA AA Aa 2
AA- Czech Republic AA- Aa3
A+ A+ Slovakia, Czech R. A1 Czech Republic
A Slovakia A A2 Slovakia, Poland
Slovenia A- Poland A- Poland A3
BBB+ Slovenia BBB+ Baa1
BBB BBB Baa2
BBB- Romania BBB- Romania Slovenia Baa3 Romania
BB+ Hungary Macedonia BB+ Hungary Croatia Ba1 Hungary
Croatia BB Croatia BB Ba2
Serbia, Macedonia BB- BB- Montenegro Ba3
Montenegro B+ Serbia B+ Serbia B1
B&H B B B2
B- B- B&H B3
CCC CCC Caa
CC CC Ca
C C C
D
Source: Bloomberg
Rating overview,
Comparison among region countries and CEE region
Rating overview,
Comparison among region countries and CEE region
