July 4, 2017 / 1:58 PM / a year ago

UPDATE 1-Croatia to issue domestic bond on July 7 - arranger

(Adds details)

ZAGREB, July 4 (Reuters) - Croatia will issue a domestic bond on July 7, with the size determined by the level of demand, one of the arrangers said on Tuesday.

“The books open on Wednesday at 0700 GMT. The final amount will be determined at a later stage depending on the demand among investors,” the arranger said.

The bond will have a 15-year maturity and will be denominated in the local kuna currency and indexed to the kuna’s exchange rate against the euro.

Four major local banks are among the arrangers and are expected to target insurance groups and pension funds with 300-500 million euros ($340-567 million) of paper.

This year, Croatia refinanced a local bond in February and an international issue in March.

It also has to refinance a local bond worth 4 billion kuna ($612 million) that matures in November. ($1 = 0.8818 euros) ($1 = 6.5324 kuna) (Reporting by Igor Ilic; Editing by Mark Potter)

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