LONDON/ZAGREB, Feb 13 (Hina) - Croatian Finance Minister Mato Crkvenac is presenting a new issue of government bonds valued at 500 million euros at European financial markets this week, together with representatives of the government
and the central bank. This is expected to the best issue of Croatian bonds yet.
LONDON/ZAGREB, Feb 13 (Hina) - Croatian Finance Minister Mato
Crkvenac is presenting a new issue of government bonds valued at 500
million euros at European financial markets this week, together
with representatives of the government and the central bank. This
is expected to the best issue of Croatian bonds yet. #L#
Offers by investors -- about two billion euros - are four times the
issue foreseen and this could be the best issue of eurobonds to
date, with an interest rate lower than in previous issues, Crkvenac
said after a presentation in London on Thursday. He hoped the annual
interest rate could be around or below five percent.
Foreign investors have praised Croatia's economic progress,
Crkvenac said commenting on their appraisal of a balanced payment
system, a stable foreign debt, the fact that Croatia is repaying its
debts on time, that its inflation rate is lower than in other
transition countries, including European Union countries, while at
the same time, the rate of economic growth is higher than in EU
countries.
The new issue of Croatian eurobonds commenced in Athens on Monday,
followed by Frankfurt, Munich, several cities in the Netherlands,
and now London.
The leaders of the issue of bonds, which expire in seven-years time,
are Deutsche Bank and Salomon Smith Barney.
The issue is in line with the plan foreseen for the issue of bonds
and accounting for 2003. The proceeds will mostly be directed to pay
due foreign debts.
(hina) sp/ha sb