Brexit Exodus Skips Serbian Bonds With EU Membership in Limbo

There’s one post-Communist country where investors are finding refuge from the risk of Britain’s exit from the European Union: Serbia.

The nation’s Eurobonds have outperformed those of Poland, Hungary, Croatia and Romania in the past month as concern mounted that those nations may suffer from the loss of billions of euros in EU funding if the U.K. votes to leave the bloc in June. Since Serbia’s application to join the 28-nation group has been in limbo for seven years, the country is more shielded than its neighbors, according to Commerzbank AG and Raiffeisen Bank International AG.