Introduction of retail bonds in Serbia

UniCredit Bank Serbia JSC
Fri, 01/09/2017

The government creates a regulatory framework for the issuance of retail bonds


As part of its public debt strategy for 2017–2019, which also aims to increase investments by local private individuals, the Serbian government adopted amendments to the Regulation on General Conditions for the Issuance and Sale of Government Securities in the Primary Market.

This creates a legal framework for the introduction of retail bonds. Retail savings bonds will be denominated in EUR and RSD with maturity of no less than two years and will pay an annual coupon. Local private individuals, as the only eligible investors, will be able to buy at the most 500 pieces of bonds denominated in EUR (total EUR 50,000) and 5,000 pieces denominated in RSD (RSD 10,000,000) per issue.

Bonds will be sold only on the primary market, while trading on the secondary market will be prohibited. Bond holders will have the right to ask for the early redemption of bonds with a penalty charged by the government. 

All information and public calls related to saving bonds will be published on the websites of the Ministry of Finance of the Republic of Serbia and Public Debt Administration.

The amended regulation is effective as of 25 August.


Dragana Stijelja

Corporate Actions and Tax Specialist