Telekom Srbija Raises €1.95 Billion Through Landmark Eurobond Transaction, Attracting Record Demand from Global Investors

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 exceptional investor interest, attracting total demand of USD 13.87 billion from approximately 300 leading international institutional investors, making it the largest corporate bond issuance ever executed in the Southeast / 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 issuance attracted participation from many of the world’s most 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 of leading international financial institutions, including BNP Paribas, Bank of America, Citi, Deutsche Bank, Eurobank, JPMorgan, OTP Bank, Raiffeisen Bank International, and UniCredit.

“Telekom Srbija’s transaction represents a landmark moment not only for the Company, but also for the broader regional capital market,” said Vladimir Lučić, Chief Executive Officer of Telekom Srbija.

“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.”

Pricing achieved across all tranches represented a significant improvement compared to the Company’s inaugural eurobond issuance, supported by Telekom Srbija’s strengthened credit profile, stable financial performance, and the high quality of investor demand.

The issuance follows a period of record operational and financial performance 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 enable Telekom Srbija 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.

Investor participation in the offering positions Telekom Srbija among the more established emerging market issuers and significantly broadens the international investor base for future corporate issuances from the region.

The successful transaction is also expected to further 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.

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 prior to the execution of the transaction, further reinforcing investor confidence and market positioning during a period of heightened global market uncertainty. This was further supported by the recently secured financing backed by the Export-Import Bank of the United States (EXIM Bank), intended to support the implementation of Telekom Srbija’s national 5G network development strategy.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260512937684/en/