13th January 2026, Skopje – Ministry of Finance has successfully completed the issuance of the 10th Eurobond.
Ministry decided to issue Eurobond in two tranches, amounting to EUR 500 million each, with 4-year and 8-year maturity, respectively.
The issuance of Eurobond with eight-year tenor alone reflects strong confidence in the reform agenda of the Ministry of Finance and the Government, as such a maturity has not been achieved in over twenty years.
Within just after one hour upon announcing the initial interest rates, the investors’ demand reached an impressive EUR 2 billion, reflecting a global diversified investor base, including eminent institutional investors from Germany, the United States and the United Kingdom.
Before opening of the U.S. market, the order book reached as much as EUR 3 billion, and, after trading began, peak demand exceeded EUR 4 billion, representing an exceptional indication of the strong confidence in the country’s economic policies and stability.
The interest shown in this Eurobond by over 150 international investors serve as further quantitative validation of the Ministry of Finance’s Fiscal Strategy.
Both tranches feature interest rates most closely aligned with Euribor reference interest rate among all bond issuances in the past twenty years.
The interest rates for both tranches were set at 3.875% for the tranche with a 4-year maturity and 4.750% for the tranche with an 8-year maturity.
By strategically timing the Eurobond issuance and structuring the borrowing, a substantial reduction in yields was achieved, bringing them close to levels observed in countries with investment grade ratings (approximately 0.5% versus an average of 0.25%.).
This is further confirmed by the exceptional interest from the most prominent international investors.
Entering the international market is a strategic move, particularly in light of potential geopolitical tensions and macroeconomic uncertainties on a global scale.
By remaining committed to transparency and stability, the Ministry seeks to ensure the most favourable financing terms, while reinforcing the country’s standing on international financial markets.
In line with responsible and strategic public finance management, the Ministry of Finance spent the last quarter of 2025 conducting an in-depth analysis of market conditions to determine the most appropriate timing to strategically enter the international capital market at the beginning of 2026.
As part of its strategic outreach, the MoF’s team travelled to London in November, presenting the country to more than 40 investors with the assistance of leading investment banks.
Between 11th and 12th January 2026, the Ministry met with over 60 global investors, featuring leading U.S. pension funds and insurance companies, along with investment funds from across the EU, with the Bank of America playing a leading role in coordinating the bond issuance process.
The Eurobond, projected under the 2026 Budget, will be used to repay the 2020 Eurobond in the amount of EUR 700 million, while also providing funds to cover the budget deficit aimed at implementing development projects.
The Eurobond issuance is in line with the Ministry of Finance’s efforts for adequate public debt management and maintenance of public finance stability over the medium and long term.
The country is the first in the region and beyond the EU to tap the international capital market, reflecting confidence in Ministry of Finance’s activities, particularly given the size of the borrowing.
