Serbia’s central depository institution announced yesterday the non-public issue by Tigar of 9,500 short-term debt certificates at a par value of RSD 10,000. The annual interest rate was set at 16% while the maturity for the securities is one year. Our view: Tigar has not yet made any additional announcements about future plans regarding the issue of similar debt certificates. This latest decision came as a surprise for us as Tigar has been able to raise debt from foreign financial organizations on very favourable terms several times in the past. We believe this issue represents a pilot project to test whether there would be interest in such securities on the domestic market. As a result, we do not expect to see any further issues. We view this news positively as it proves Tigar still has a high level of credibility among domestic financial investors.