Telekom Srbija Group Raises €1.95 Billion in Landmark Eurobond Transaction, Drawing Record Global Investor Demand
Belgrade, May 11, 2026 – Telekom Srbija Group today announced the successful completion of its second international corporate bond issuance, raising approximately €1.95 billion through a multi-tranche offering of U.S. dollar- and euro-denominated senior unsecured notes.
The transaction generated extraordinary demand of USD 13.87 billion from approximately 300 leading international institutional investors, making it the largest corporate bond issuance ever completed from the Southeast Europe / Central & Eastern Europe region and one of the most heavily oversubscribed emerging-market corporate transactions globally across 2025 and 2026.
The issuance attracted participation from many of the world’s most prominent pension funds, insurance companies, sovereign-linked investors, and global asset managers, with several top-tier institutions investing in the region for the first time through Telekom Srbija’s offering.
The transaction was led by a syndicate of major international financial institutions, including BNP Paribas, Bank of America, Citi, Deutsche Bank, Eurobank, JP Morgan, OTP Bank, Raiffeisen Bank and UniCredit.
“This transaction represents a defining moment not only for Telekom Srbija, but for the broader regional capital markets landscape,” said Vladimir Lučić, Chief Executive Officer of Telekom Srbija Group.
“Achieving a USD 13.87 billion order book with participation from approximately 300 global institutional investors, including many of the world’s most respected pension and insurance funds, is a powerful endorsement of our 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 investment-grade positioning.”
The pricing achieved across all tranches reflects a significant improvement versus the Company’s inaugural Eurobond issuance, supported by Telekom Srbija’s strengthened credit profile, resilient financial performance, and the exceptional depth and quality of investor demand.
The transaction will enable the Group to refinance existing indebtedness on more favorable terms, extend its maturity profile across currencies and tenors, and further optimize its capital structure without increasing overall leverage.
Investor participation in the offering places Telekom Srbija alongside 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 enhance the visibility of Serbian and regional capital markets among global institutional investors and strengthen international confidence in Southeast Europe as an emerging investment destination.
Net proceeds from the issuance will primarily be used to refinance existing debt obligations, optimize the Company’s balance sheet, and support continued strategic investments in core infrastructure and digital transformation initiatives, including 5G deployment, fiber network expansion, multimedia platforms, and advanced digital services.
The issuance follows a period of record operational and financial performance for Telekom Srbija Group. In 2025, the Group reported revenues of €2.3 billion and adjusted EBITDA of €1.3 billion, further reinforcing its position as one of the leading telecommunications and digital infrastructure operators in Southeast Europe.
Telekom Srbija has also expanded its presence as a regional multimedia and streaming platform operator, complementing its core telecommunications business with digital content distribution capabilities.
With operations spanning Southeast Europe and an expanding presence across EU markets, Telekom Srbija continues to position itself as a leading integrated telecommunications and digital services platform, combining advanced connectivity infrastructure and digital innovation to support sustainable long-term growth.
Telekom Srbija’s credit profile is supported by ratings from Moody’s, Fitch, and S&P. The Company also strategically coordinated the timing of its latest Fitch upgrade ahead of the transaction, further strengthening investor confidence and market positioning during a period of heightened global market uncertainty. This was further reinforced by recently secured EXIM-backed financing supporting the Company’s nationwide 5G rollout strategy.
