Telekom Srbija successfully completed an international corporate bond issuance, raising €1.95 billion amid exceptionally strong investor demand that reached $13.87 billion, making this transaction the largest in the region.
12.05.2026. 14:24
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The transaction generated extraordinary interest from investors, with total demand of $13.87 billion from approximately 300 leading international institutional investors, making it the largest corporate bond issuance ever carried out in the Southeast/Central and Eastern European region, as well as one of the most sought-after corporate transactions in emerging markets globally during 2025 and 2026.
The issuance attracted participation from many of the world’s most prestigious pension funds, insurance companies, sovereign wealth-related investors, and global asset managers, with some top-tier international institutions investing in the region for the first time specifically through Telekom Srbija’s offering.
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AutorThe transaction was led by a consortium of leading international financial institutions, including BNP Paribas, Bank of America, Citi, Deutsche Bank, Eurobank, JPMorgan, OTP Bank, Raiffeisen Bank International, and UniCredit.
"This transaction represents a turning point not only for Telekom Srbija, but also for the broader regional capital market", said Vladimir Lucic, CEO of Telekom Srbija.
He added that Telekom Srbija is increasingly being recognized not as a regional story, but as a credible international issuer with strong growth fundamentals.
"Reaching $13.87 billion in demand, with participation from approximately 300 global institutional investors, including some of the world’s most prestigious pension and insurance funds, represents strong confirmation of our long-term strategy, operational results, and financial discipline. Telekom Srbija is increasingly recognized not as a regional story, but as a credible international issuer with strong growth foundations and a clear path toward an investment-grade credit rating", Lucic emphasized.
The pricing achieved across all tranches represents a significant improvement compared to the company’s first Eurobond issuance, supported by Telekom Srbija’s strengthened credit profile, stable financial performance, and the quality of investor demand.
This issuance comes after a period of record operational and financial results for Telekom Srbija. During 2025, the company generated revenues of €2.3 billion and adjusted EBITDA of €1.3 billion, further solidifying its position as one of the leading telecommunications and digital infrastructure operators in Southeast Europe.
The transaction will allow Telekom Srbija to refinance existing debt under more favorable conditions, extend the maturity structure of its debt across different currencies and maturities, and further optimize its capital structure without increasing total indebtedness.
Foto: Milena Đorđević
Investors participation in this offering places Telekom Srbija among more established emerging-market issuers and significantly expands the base of international investors for future corporate issuances from the region.
The successfully completed transaction is expected to further increase the visibility of the Serbian and regional capital markets among global institutional investors, while also strengthening international confidence in Southeast Europe as a growing investment destination.
Telekom Srbija’s credit profile is supported by ratings from Moody’s, Fitch Ratings, and S&P Global Ratings. The company also strategically aligned the timing of its latest Fitch rating upgrade immediately before the transaction, further strengthening investor confidence and market positioning during a period of heightened global market uncertainty.
This was additionally supported by recently secured financing backed by the Export-Import Bank of the United States (EXIM), intended to support the implementation of Telekom Srbija’s national 5G network development strategy.
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