Croatia's debt Misses EU-entry premium as economy stumbles

Croatia's accession to the European Union on July 1 isn't being celebrated on the debt market as the ex-Yugoslav republic's borrowing costs rise relative to peers.The extra yield on Croatia's dollar bonds over those of other developing countries in JPMorgan Chase...

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 E-mail article  Print  Save Additional News in English Još vesti na Srpskom Επιπλέον ειδήσεις στα Ελληνικά  Text

Croatia's debt Misses EU-entry premium as economy stumbles



Balkans.com Business News Correspondent - 28.06.2013

Croatia's accession to the European Union on July 1 isn't being celebrated on the debt market as the ex-Yugoslav republic's borrowing costs rise relative to peers.

The extra yield on Croatia's dollar bonds over those of other developing countries in JPMorgan Chase & Co.'s EMBI Global index increased to 86 basis points yesterday, the most since April 2, before falling to 50 today, according to data compiled by Bloomberg. The yield on Croatia's 2023 dollar note fell 8 basis points to 5.985 percent, after jumping to 6.40 percent this week, 62 basis points more than similar securities from Romania, an EU member with the same BB+ junk-rating from Standard & Poor's.

Unlike its former-communist peers that became EU members last decade, Croatia is entering a bloc in the midst of its longest recession. While nations from Estonia to Bulgaria benefited from joining the world's biggest trading bloc, Croatia won't get a similar boost as it depends on tourism for about one-fifth of gross domestic product and as rising labor costs make it harder to attract investment into export industries.

bne/Bloomberg


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