{"id":9330,"date":"2014-02-10T16:05:39","date_gmt":"2014-02-10T16:05:39","guid":{"rendered":""},"modified":"2014-02-10T16:05:39","modified_gmt":"2014-02-10T16:05:39","slug":"albania-s-eurobond-januar-2014","status":"publish","type":"post","link":"https:\/\/ndiqparate.al\/?p=9330&lang=en","title":{"rendered":"Albania&#8217;s Eurobond Januar 2014"},"content":{"rendered":"\n<div align=\"justify\">Albania issued the first Eurobond in international markets on November 4th of 2010. A Eurobond is a bond issued in international markets (not locally) with a maturity of 1 year or more. At the announcement the bond had a 7.625% yield. This instrument is comparable to other government bonds already issued by Albania, but it: (i) is exclusively traded in foreign international markets and (ii) is issued in Euro.<\/p>\n<p>Since the yield moves in the opposite side of price, for the bondholder it is always better when yields decrease, so that he can generate a profit in case he sells the bond. The same rule applies for the issuer, because the lower the yield, the lower the potential cost in case he decides to refinance.<\/p>\n<p>The following graph presents the historic performance of the Eurobond for the period 2010-2014 (bid yield):<\/p>\n<p>  <script type=\"text\/javascript\" src=\"http:\/\/ajax.googleapis.com\/ajax\/static\/modules\/gviz\/1.0\/chart.js\">{\"dataSourceUrl\":\"\/\/docs.google.com\/spreadsheet\/tq?key=0Agylwmr5tEbVdEN2SUxabTFlOThPdUZrVkFsY19MTnc&transpose=0&headers=1&range=B57%3AC97&gid=0&pub=1\",\"options\":{\"titleTextStyle\":{\"bold\":true,\"color\":\"#000\",\"fontSize\":16},\"series\":{\"0\":{\"pointSize\":7}},\"curveType\":\"\",\"animation\":{\"duration\":500},\"width\":630,\"lineWidth\":2,\"hAxis\":{\"titleTextStyle\":{\"bold\":true,\"color\":\"#222\",\"italic\":true,\"fontSize\":12},\"title\":\"Date\",\"useFormatFromData\":true,\"minValue\":null,\"viewWindowMode\":null,\"viewWindow\":null,\"maxValue\":null},\"vAxes\":[{\"titleTextStyle\":{\"bold\":true,\"color\":\"#222\",\"italic\":true,\"fontSize\":12},\"title\":\"Value in %\",\"useFormatFromData\":true,\"minValue\":null,\"viewWindow\":{\"min\":null,\"max\":null},\"maxValue\":null},{\"useFormatFromData\":true,\"minValue\":null,\"viewWindow\":{\"min\":null,\"max\":null},\"maxValue\":null}],\"booleanRole\":\"certainty\",\"title\":\"Eurobond Yield in %\",\"height\":371,\"legend\":\"right\",\"tooltip\":{}},\"state\":{},\"view\":{},\"isDefaultVisualization\":false,\"chartType\":\"LineChart\",\"chartName\":\"Chart 2\"}\n  <\/script><br \/><sup>Source: Ministry of Finance, Bloomberg<br \/>Comments and analysis: ODA<\/p>\n<p><\/sup><br \/> \n<\/div>\n<div align=\"justify\">Since its issue in 2010, the yield of the bond has increased in the period of September-December 2011 during the Eurozone crises, which lowered the demand for high risk, lower rated government bonds. During that period the yield reached a peak of 11.975%. In that moment, had the Albanian government decided to refinance its debt in Euro, the bond coupon would have been approximately 12%.<\/p>\n<p>After December 2011, the yield has decreased reaching a low of 4.68% during January&nbsp; 2014. This decrease is not a result of a better macroeconomic environment in Albania, but a result of a general market optimism for the government debt of Eurozone peripheral countries after the ECB intervention. This has had a very positive impact on the bonds performance and actually the Albanian government would have a lower cost of refinancing in Euro compared to the initial issue.<\/p>\n<p>The issue of debt in international bond markets may be profitable because the cost of debt may decrease from a wider investor base, but on the other hand may expose the country&#8217;s debt to crisis contagion from other countries and from the overreaction of the international bonds and stocks markets.<br \/> \n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Albania issued the first Eurobond in international markets on November 4th of 2010. A Eurobond is a bond issued in international markets (not locally) with a maturity of 1 year or more. At the announcement the bond had a 7.625% yield. This instrument is comparable to other government bonds already issued by Albania, but it: (i) is exclusively traded in foreign international markets and (ii)&hellip; <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[57],"tags":[],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":25187,"url":"https:\/\/ndiqparate.al\/?p=25187&lang=en","url_meta":{"origin":9330,"position":0},"title":"Civil Society Calls on Parliament Not to Undermine Transparency, Parliamentary Scrutiny, and Public Consultation in Accelerated Procedures for EU Integration Legislation","date":"March 14, 2026","format":false,"excerpt":"Joint Statement by Civil Society Organisations on the Draft Decision to Amend the Rules of Procedure of the Parliament of Albania\u00a0 Tirana, 13 March 2026\u00a0 A coalition of 31\u00a0civil society organisations, including\u00a0AIS \/ Open Data Albania,\u00a0has issued a joint statement raising concerns about the Draft Decision to Amend the Rules\u2026","rel":"","context":"In &quot;ODA in Press Releases&quot;","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ndiqparate.al\/wp-content\/uploads\/2026\/03\/Screenshot-2026-03-14-153004-1.png?fit=1165%2C656&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":25229,"url":"https:\/\/ndiqparate.al\/?p=25229&lang=en","url_meta":{"origin":9330,"position":1},"title":"Albania Joins OpenTender Europe: Big Data for Public Procurement (2010 - 2026)","date":"April 30, 2026","format":false,"excerpt":"Albanian Institute of Science (AIS) \/ Open Data Albania, in partnership with a European team of organizations and institutions working in the field of anti-corruption, is contributing to the assessment of public procurement in Albania according to European Union standards. 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