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Upon the introduction of the new law on regulating public debt of the FRY aris- ing from citizens’ foreign exchange savings, the Republic of Serbia issued EUR 4176 bonds of series A on August 19, 2002. The trading volume in the first six months was around EUR 100 million. During that period the annual yields varied from 13% to 14% for short-term bonds, and from 8% to 15% for long–term bonds. As we will show later, the yield curve was inverted from the very beginning of trading, which could be explained by the additional use of bonds as a means of payment in the privatiza- tion process | Basel Committee on Banking Supervision Principles for enhancing corporate governance October 2010 Copies of publications are available from Bank for International Settlements Communications CH-4002 Basel Switzerland E-mail publications@bis.org Fax 41 61 280 9100 and 41 61 280 8100 This publication is available on the BIS website www.bis.org . Bank for International Settlements 2010. All rights reserved. Brief excerpts may be reproduced or translated provided the source is cited. ISBN 92-9131-844-2 print ISBN 92-9197-844-2 online
