Telekom Srbija has successfully completed its second international corporate bond issuance, raising approximately €1.95 billion through a multi-tranche offering of senior unsecured notes denominated in U.S. dollars and euros. The transaction generated a total demand of $13.87 billion from approximately 300 leading international institutional investors, making it the largest corporate bond issuance ever executed in the Southeast and Central and Eastern Europe region, as well as one of the most heavily oversubscribed corporate transactions across emerging markets globally during 2025 and 2026.
The offering attracted participation from prominent pension funds, insurance companies, sovereign-affiliated investors, and global asset managers, with several top-tier international institutions investing in the region for the first time through Telekom Srbija’s offering. The transaction was led by a consortium including BNP Paribas, Bank of America, Citi, Deutsche Bank, Eurobank, JPMorgan, OTP Bank, Raiffeisen Bank International, and UniCredit. Pricing achieved across all tranches represented a significant improvement compared to the company’s inaugural eurobond issuance, supported by a strengthened credit profile and the high quality of investor demand.
The issuance follows a period of record operational and financial performance for Telekom Srbija, which generated revenues of €2.3 billion and adjusted EBITDA of €1.3 billion in 2025. The proceeds will enable the company to refinance existing debt under more favorable terms, extend its debt maturity profile across multiple currencies and maturities, and further optimize its capital structure without increasing overall indebtedness. Telekom Srbija’s credit profile is supported by ratings from Moody’s, Fitch Ratings, and S&P Global Ratings, and the company strategically timed a Fitch rating upgrade immediately prior to the transaction to further reinforce investor confidence.
The successful issuance is expected to increase the visibility of Serbian and regional capital markets among global institutional investors while strengthening international confidence in Southeast Europe as a growing investment destination. The transaction follows recently secured financing backed by the Export-Import Bank of the United States intended to support Telekom Srbija’s national 5G network development strategy, further underscoring the company’s ambitions as a leading telecommunications and digital infrastructure operator in Southeast Europe.
KEY QUOTE:
“Reaching USD 13.87 billion in demand, with participation from approximately 300 global institutional investors — including some of the world’s most prominent pension and insurance funds — represents a strong endorsement of our long-term strategy, operational performance, and financial discipline. Telekom Srbija is increasingly being recognized not merely as a regional story, but as a credible international issuer with strong growth fundamentals and a clear path toward achieving an investment-grade credit rating.”
Vladimir Lučić, Chief Executive Officer, Telekom Srbija
