In yesterday’s investors’ call, Croatian Ministry of Finance announced that Croatia is to issue new 10Y EUR denominated Eurobond. According to the plans, notional could be up to EUR 1.5bn but that’s to be determined according to investors’ demand (which we expect to be substantial). Regarding pricing, this morning interpolation between CROATI 2028 and CROATI 2030 indicates YTM for the new issue somewhere around 1.35%. Just to put things into perspective, a year ago, EUR 750m of CROATI 2028 was issued with a coupon of 2.70% and YTM of 2.95%.

In April 2019, Croatia observed the arrival of 1.1m tourists (+16.4% YoY), while tourists nights amounted to 3m (+18.4% YoY).

Croatian Bureau of Statistics published a document about tourism in April 2019. According to the report, April recorded the arrival of 1.1m tourists, which represents an increase of 16.4% YoY. Meanwhile, tourist nights amounted to 3m, representing an increase of 18.4%.

Domestic tourists observed an increase of 3% in arrivals and 4.9% in tourist nights. Meanwhile, foreign tourists recorded an increase of 19.2% in arrivals and a 20.7% increase in tourist nights.

In April, the most foreign tourist arrivals and nights were recorded by tourists from Germany (136 thousand arrivals and 513 thousand nights), which make up for 14.6% of the total foreign tourist arrivals and 19.9% of the total tourist nights. These were followed by the nights by tourists from Austria (10.8%), Slovenia (9.9%), Italy (6.9%), United Kingdom (5.9%), France (4.5%), Poland (4.3%) and USA (3.6%)

Dubrovnik observed the largest number of tourist nights in April 2019 (331 thousand nights), which makes up for 23.2% of the total tourist nights. Of that, 94.2% was recorded by foreign tourists and 5.8% by domestic tourists.

Trading statistics for May 2019 show an average daily turnover of roughly EUR 0.8m (+33%YoY).

The Macedonian Stock Exchange published their trading statistics for May 2019, showing an average daily turnover of EUR 0.8m. This represents an increase of 33% YoY due to public offering of two shares in May whose trading value in a months has amounted to EUR 9.4m.

When observing the top traded shares, one can notice that NLB Banka Skopje recorded the highest turnover of EUR 1.3m. Makpetrol Skopje follows with a turnover of EUR 1.2m. Alkaloid Skopje and Granit Skopje come next with a turnover of EUR 0.9m and EUR 0.8m, respectively.

Of the MBI10 index components, Makpetrol observed the highest share price increase in May of 19.85%. Alkaloid Skopje follows with an increase of 9.66%. Next comes Granit with an increase of 7.52%. On the flip side, TTK banka observed a decrease of 5.81%, followed by Stopanska banka with a decrease of 2.82%.

In May, the MBI10 index observed an increase of 7.4%, amounting to 3,871.71 points.

BET-TR closed yesterday at 13.768.38 points, which represents an increase of 26.7% YTD.

The Bucharest Stock Exchange reported new all-time highs for the BET-Total Return (BET-TR) index, which broke the 13,000-point ceiling in May for the first time in its history. That would represent a 19.8% increase since the beginning of the year. Since then, BET-TR observed a further increase, currently standing at 13.768.38 points, which represents an increase of 26.7% YTD.

BET-TR is the index that shows the return an investor would have made had he invested all the dividends back into the shares from the BET index, which mirrors the evolution of the most-traded 16 companies.

The BET index, at the end of May, closed at 8,493 points, which represents a 15% increase YoY. Since then BET index further increased and currently stands at 8,632.98 points, representing an increase of 16.8% YTD. The reason for such an increase is a mix of both international and domestic events but most streams from ex-dividend dates which gave a solid boost to liquidity and decision from the government that amended the provisions of GEO 114 regarding the Pillar II pension funds.