May 4, 2018 / 1:24 PM / 6 months ago

Bosnia's Federation cancels debt auctions after revenue rise

SARAJEVO (Reuters) - Bosnia’s autonomous Bosniak-Croat Federation cancelled auctions of domestic debt planned for May on Friday, citing increased revenues in the first quarter, continuing an earlier trend that has prompted it to revise up its estimated revenue for 2018.

Both Bosnia’s autonomous regions, the Federation and the Serb Republic, have cancelled some auctions of treasury bills and bonds this year as a rise in revenues removed the need for additional budgetary funds.

The two regions normally issue debt to fill gaps in their respective budgets and pay maturing debt. But the higher revenues and a new tranche of aid from the International Monetary Fund in February mean their respective budgets are liquid.

The Bosniak-Croat Federation, which had planned to issue 510 million Bosnian marka (232 million pounds) worth of debt in 2018, has cancelled the issuance of 140 million marka of securities in the second quarter.

The Serb Republic has cancelled the issuance of treasury bills worth 40 million marka so far this year.

The Federation has raised its estimate of 2018 revenues by 4 percent to 2.99 billion marka and the Serb Republic has raised its estimate by 5 percent to 3.42 billion marka.

Reporting by Daria Sito-Sucic; Editing by Kevin Liffey

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