North Macedonia issues 700 mln Eurobond

SKOPJE (North Macedonia), May 28 (Seen News) – North Macedonia has issued a six-year Eurobond worth 700 million euro ($770.9 million) on May 27, the finance ministry said.

The Eurobond bears an interest rate of 3.67%, the second-lowest after the interest rate of 2.75% on the Eurobond issued in 2018, the finance ministry said in a statement on Wednesday.

Investor demand for the new Eurobond, the country’s seventh so far, was five times higher than the amount issued.

North Macedonia will use the funds raised from the new Eurobond issue, together with loans from the International Monetary Fund (IMF), the World Bank and the European Union, to fully cover its financial needs for this year, the finance ministry said.

The government expects to close 2020 with budget deficit equivalent to 6.8% of GDP. Payments on the country’s debt maturing this year amount to 705 million euro, the finance ministry said.

Source: SeeNews