![](\"https:\/\/mms.businesswire.com\/media\/20260512937684\/en\/2802648\/5\/Telekom_Srbija_Group.jpg\")
<\/a><\/a>\nThe 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.<\/p>
\nThe issuance attracted participation from many of the world\u2019s 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\u2019s offering.<\/p>
\nThe 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.<\/p>
\n\u201cTelekom Srbija\u2019s transaction represents a landmark moment not only for the Company, but also for the broader regional capital market,\u201d said Vladimir Lu\u010di\u0107, Chief Executive Officer of Telekom Srbija.<\/p>
\n\u201cReaching USD 13.87 billion in demand, with participation from approximately 300 global institutional investors \u2014 including some of the world\u2019s most prominent pension and insurance funds \u2014 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.\u201d<\/p>
\nPricing achieved across all tranches represented a significant improvement compared to the Company\u2019s inaugural eurobond issuance, supported by Telekom Srbija\u2019s strengthened credit profile, stable financial performance, and the high quality of investor demand.<\/p>
\nThe issuance follows a period of record operational and financial performance for Telekom Srbija. During 2025, the Company generated revenues of \u20ac2.3 billion and adjusted EBITDA of \u20ac1.3 billion, further solidifying its position as one of the leading telecommunications and digital infrastructure operators in Southeast Europe.<\/p>
\nThe 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.<\/p>
\nInvestor 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.<\/p>
\nThe 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.<\/p>
\nTelekom Srbija\u2019s credit profile is supported by ratings from Moody\u2019s, 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\u2019s national 5G network development strategy.<\/p>