Telekom Srbija Secures €1.95 Billion Eurobond in Record Oversubscribed Deal
Event summary
- Telekom Srbija raised €1.95 billion through a multi-tranche Eurobond offering, the largest corporate bond issuance in Southeast/Central and Eastern Europe.
- The deal attracted $13.87 billion in demand from 300 global institutional investors, making it one of the most oversubscribed emerging market transactions in 2025-2026.
- The issuance was led by a consortium of nine leading international financial institutions, including BNP Paribas, Bank of America, and JPMorgan.
- Telekom Srbija reported revenues of €2.3 billion and adjusted EBITDA of €1.3 billion in 2025, reinforcing its position as a leading telecom operator in the region.
- The proceeds will refinance existing debt, extend debt maturity, and optimize capital structure without increasing overall indebtedness.
The big picture
Telekom Srbija's landmark Eurobond issuance underscores the growing appetite for emerging market debt, particularly in the telecommunications sector. The deal's record oversubscription highlights the region's increasing attractiveness to global institutional investors, despite heightened market uncertainty. The transaction also positions Telekom Srbija as a credible international issuer, potentially paving the way for future corporate issuances from the region.
What we're watching
- Credit Rating Trajectory
- Whether Telekom Srbija can sustain its path toward an investment-grade credit rating, given its strengthened financial profile and operational performance.
- Investor Confidence
- How the successful issuance will affect international investor confidence in Southeast Europe as a growing investment destination.
- 5G Deployment
- The pace at which Telekom Srbija can implement its national 5G network development strategy, supported by the recently secured EXIM Bank financing.
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