On 28 April 2026, for the first time, the Republic of Serbia has successfully executed a multi-currency Eurobond issuance on the international financial market across three tranches and two distinct currencies. The issuance consisted of two Euro-denominated bonds with maturities of five and twelve years, and one US Dollar-denominated bond with a ten-year maturity.
The bond maturing in 2031 was issued in the amount of €1 billion with a coupon rate of 4.250%, while the "Green" bond maturing in 2038 was realized in the amount of €900 million with a coupon rate of 4.875%. Proceeds from the sale of the five-year bonds were utilized for the early redemption of bonds maturing in 2027. Meanwhile, the proceeds from the twelve-year "Green" bonds will be allocated to finance and/or refinance eligible expenditures in accordance with the Republic of Serbia's Framework Document for the Issuance of Green and Socially Sustainable Bonds. The ten-year USD-denominated Eurobond, maturing in 2036, was issued in the amount of $1.25 billion. Following the auction, the Republic of Serbia executed a hedging transaction, immediately converting the USD-denominated liabilities into EUR-denominated obligations. This move was designed to mitigate foreign exchange risk (USD/EUR fluctuations) and reduce borrowing costs, resulting in an effective EUR coupon rate of 4.66%.
It is important to highlight the robust demand from international investors, which exceeded €8 billion (Euro equivalent) during the auction. The high demand from international investors for Serbian bonds is another confirmation of the preserved confidence of international investors in the economic policy of the Republic of Serbia, thanks to strong macroeconomic indicators and preserved fiscal stability in the current global geopolitical circumstances and other external pressures.
Alongside with the new issuance, the Republic of Serbia conducted an early redemption (tender offer) for Eurobonds maturing in May 2027. All submitted bids were accepted, totaling a nominal amount of €870.76 million, leaving the remaining outstanding debt for the 2027 Eurobond at €1.13 billion.