economy
April 4, 2026
Can corporate bonds save the stock exchange in Serbia: Buyers are known in advance, and the secondary market almost does not exist
Corporate bond issuances in Serbia are presented as a sign of capital market development, but practice shows that they often boil down to pre-arranged deals with a single buyer, without real market dynamics.
TL;DR
- Corporate bond issuances in Serbia are often presented as signs of capital market development but frequently consist of pre-arranged deals with a single buyer.
- The Serbian capital market is described as more formal than substantial, with the Belgrade Stock Exchange remaining marginalized.
- While corporate bonds offer an alternative to bank loans, their development in Serbia is limited by a lack of secondary market trading and pre-negotiated sales.
- Experts note that for corporate bonds to be effective, they need to be accessible to a wider range of investors and have a functioning secondary market.
- Challenges to the growth of corporate bonds in Serbia include insufficient market development, low corporate culture, a bank-centric financial system, and a lack of investor information and motivation.
- Potential solutions include government guarantees, interest rate subsidies, and increased education on the benefits of bond issuances.
- The success of corporate bonds depends on large, publicly traded companies and a shift away from reliance on state resources.