Commentary & Deal Flow

Telekom Srbija A.D. Beograd ("Telekom Srbija"), rated B1/BB-/B+ (Moody's/S&P/Fitch), one of the largest integrated telecommunication services provider in Southeast Europe and the largest operator in Serbia by subscribers in fixed telephony, mobile telephony, internet and multimedia services, 58.11% owned by the Republic of Serbia (rated Ba2/BBB-/BB+ (Moody's/S&P/Fitch)) acting as a strategic and long-term majority shareholder, has mandated BNP Paribas, BofA Securities, Citi, Deutsche Bank, Eurobank, J.P. Morgan, OTP Bank, Raiffeisen Bank International and UniCredit as Joint Lead Managers to arrange a series of London-based physical and virtual fixed-income investor meetings commencing today, 6th of May. J.P. Morgan is coordinating roadshow logistics.

A three-tranche benchmark 144A/Reg S senior unsecured US$ 5NC2, € 7NC3 and € 10NC5 notes offering will follow subject to market conditions. The proceeds of the Notes will be used by Telekom Srbija for refinancing of certain existing indebtedness and payment of the transaction related fees and expenses.

FCA/ICMA stabilisation.