Telekom Srbija Raises EUR 1.95 Billion Through Eurobond Transaction – Attracts USD 14 Billion from 300 Institutional Investors

Telekom Srbija has raised EUR 1.95 billion through a eurobond transaction, and this largest-ever corporate bond issuance from the region attracted nearly USD 14 billion from around 300 global institutional investors, the company announced.

According to Telekom Srbija, this marks a watershed moment for Southeast European capital markets and represents the company’s successfully completed second international corporate bond issuance.

A Turning Point for the Capital Market

As the transaction generated exceptional investor interest, Telekom Srbija, with total demand reaching USD 13.87 billion, became the largest corporate bond issuance ever carried out in the regions of Southeast, Central, and Eastern Europe, and one of the most sought-after corporate transactions in emerging markets globally in 2025 and 2026.

The issuance attracted participation from many of the world’s most prominent 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 through Telekom Srbija’s offering.

The transaction was led by a consortium of leading international financial institutions, including BNP Paribas, Bank of America, Citigroup, Deutsche Bank, Eurobank, JPMorgan Chase, 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 emphasized that achieving USD 13.87 billion in demand and attracting approximately 300 global institutional investors is a strong endorsement of the company’s long-term strategy, operational performance, and financial discipline.

- Telekom Srbija is increasingly recognized not as a regional story, but as a credible international issuer with strong growth fundamentals and a clear path toward an investment-grade credit rating, Lucic stated.

Success as a Growth Catalyst

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

This issuance follows a period of record operational and financial results for Telekom Srbija.

During 2025, the company generated revenues of EUR 2.3 billion and adjusted EBITDA of EUR 1.3 billion, further strengthening 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 conditions and further optimize its capital structure without increasing overall indebtedness.

As stated in the announcement, Telekom Srbija’s credit profile is supported by ratings from Moody's, Fitch Ratings, and S&P Global Ratings.

Telekom Srbija a.d. Beograd

Telekom Srbija

BNP Paribas

Bank of America

Citigroup

Deutsche Bank

Eurobank

JPMorgan Chase

OTP Bank

Raiffeisen Bank International

UniCredit

Vladimir Lucic

eurobonds