By Oonagh Leighton
IN FEBRUARY, RAIFFEISENBANK’S Croatian subsidiary became the first corporate in five years to tap the local kuna-denominated domestic bond market, with a five-year K600 million (€80 million) issue. The deal is small but it is highly significant. It is only the second time that a bank has raised money via local currency bonds and is a signal that Croatia’s corporate kuna-denominated debt market is coming to life.
“Improving liquidity and low interest rates are making the conditions for local funding very favourable right now,” says Hrvoje Dolenec, head of research for Raiffeisenbank in Zagreb.
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