Citizens subscribed €22.18 million in the first round of Montenegro’s inaugural state bond issuance directly intended for individuals, representing nearly half of the total €50 million issuance. The Ministry of Finance told the portal Bankar that such interest is considered “more than solid” and confirms that public confidence in government securities is rising, creating room for a new relationship between the state and citizens based on saving, investing, and strengthening the domestic capital market.
The total government bond issuance amounted to €50 million and was open to both individuals and legal entities. The Ministry underlined that this was the first state bond issuance specifically designed for citizens, which is why the process was divided into two phases: the first for adult individuals, and the second for legal entities registered in Montenegro.
“The issuance decision clearly defined the portion reserved exclusively for citizens, with the aim of enabling broad participation by individuals in the first round and encouraging their involvement in the domestic capital market,” the Ministry stated.
The first round ran from 3 to 18 November 2025, offering a minimum subscription of €500, a two-year maturity, and a 3.75 percent interest rate.
“Preliminary data show that citizens subscribed €22,178,522, which we consider an excellent result for a first-time issuance of this kind. These results confirm that citizens trust the state and are interested in participating in Montenegro’s financial flows,” the Ministry said, adding that the total €50 million issuance was intended for both individuals and companies.
The Ministry added that only after the second round concludes will a final assessment of the total borrowing amount be possible.
“In terms of citizen interest, we are satisfied. This was the first state bond issuance directly intended for Montenegrin citizens and represents the beginning of a completely new type of relationship—a partnership between the state and its people in the areas of savings, investment, and financial planning. In such circumstances, it is natural that financial literacy and confidence in new financial products develop gradually,” the Ministry noted.
The goal is for every subsequent issuance to be even more successful, with new financial products introduced to further develop the domestic capital market, giving citizens another safe and stable investment option.
“We want citizens to understand that government bonds offer a competitive return while contributing to the stability of public finances—a shared interest of both the state and society,” the Ministry highlighted.
They expect interest to grow with each new issuance, as citizens increasingly recognize bonds as a secure financial instrument offering two key benefits: stable returns and participation in strengthening the domestic economy. Step by step, a partnership is being built between the state and citizens based on shared goals—stability, market development, and long-term economic growth.
The Ministry emphasized that financial institutions and banks were key partners in the process, with all activities carried out in accordance with required procedures. They noted that government bonds are still a relatively new instrument for citizens and that trust must be built gradually. Nevertheless, the results of the first issuance demonstrate meaningful interest and space for further improvement.
As financial literacy spreads and citizens become more aware of the advantages of investing in bonds, the Ministry expects subscription volumes to rise in future issuances. They also stressed their commitment to improving public outreach and strengthening the domestic capital market so that this instrument becomes standard, reliable, and widely recognized.
The second subscription round, intended for legal entities, began on Monday, 24 November, and will run until Friday, 28 November 2025. After its completion, the Ministry will announce the final borrowing amount in line with financial market procedures.
Through this process, the Ministry stated, it aims to demonstrate its commitment to both citizens and the business community. The long-term goal is to secure sustainable and balanced financing sources both domestically and internationally, diversify access to capital, and simultaneously strengthen the domestic financial market.
“We believe that, with continued improvement in financial literacy and accessibility of information, government bonds will become a standard, safe, and recognizable investment vehicle—achieving shared goals: stable public finances, a stronger economy, and greater citizen participation in financial markets,” the Ministry concluded.
