First Time Ever, Croatia Sells Bonds at Zero Interest Rate

ZAGREB, May 22, 2018 – The Croatian Finance Ministry sold 190 million kuna and 28 million euro worth of treasury bills at an auction on Tuesday.

The ministry offered 400 million kuna and 20 million euro worth of treasury bills for subscription. The same amount of treasury bills falls due.

Financial institutions submitted bids worth 190 million kuna and 28 million euro, and the ministry accepted them all.

The euro treasury bills were issued for one year at a zero interest rate. This was the first time that euro treasury bills had been issued at this rate, thanks to high liquidity in the domestic financial sector.

Since 20 million euro falls due, the balance of subscribed treasury bills has increased by 8 million euro to 70.2 million euro.

The kuna treasury bills were also issued with a maturity of one year, at an average interest rate of merely 0.09 percent. The interest rate remained the same as at previous eight auctions.

With 400 million kuna worth of treasury bills maturing, the balance of subscribed treasury bills decreased by 210 million kuna to 19.23 billion kuna.

 

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