Investors showed unexpected interest for the Podravka cash notes at the end of last week. It was rumoured that the Podravka management planned to take on short-term debt in the amount of 10 million euro, while the investors showed interest to sign up for double the amount planned, more than 19 million euro.

Having in mind the market conditions and the fact that Podravka cash notes have been issued with the annual interest rate of 9, 05 %, this huge interest was above expectations, says the Podravka management. It was finally decided to issue notes totalling 18 million euro. According to the available statistics, all of the Pension funds, most of the investment funds and certain Croatian companies, including Adris Group, signed up for the notes. In a short report to the ZSE, PBZ Croatia Insurance stated it signed up for 10% of the total notes issued, totalling 1,8 million euro.
(AmCham)