The Republic of Slovenia: Tap EUR 1.5bn 1.1875% 10-year bond offering due 14 March 2029
The Republic of Slovenia, rated Baa1 (Positive – Moody’s) / AA- (Stable – S&P) / A- (Stable – Fitch), successfully reopened its existing 10-year Slovenian Government bond due 14th March 2029 for an additional EUR 350 million.
On Monday 8th July at 10:00 CET, on the back of a supportive market backdrop, the Republic of Slovenia announced Initial Price Thoughts for a tap of the 10 year benchmark EUR-denominated issue at “MS+10 bps area” with the aim to execute an intraday transaction size of at least EUR 250m. Goldman Sachs International Bank, Jefferies and J.P Morgan jointly led the offering.
In light of the investor reception, the Republic of Slovenia was able to provide an updated target size of EUR 250-500m. Investor demand grew steadily and revised guidance of “MS+9 bps” was set at around 12:44 CET, with an orderbook in excess of EUR 600m (excluding JLM interest). The transaction was launched at “MS+9bps” at 13:21 CET, with the issuance size set at EUR 350m, which saw participation from a broad institutional and geographical client base.
The transaction priced at 15:24 CET at a re-offer price of 109.875% (re-offer yield of 0.157%).
Allocation by Investor Region
- France 30 %
- Germany & Austria 25 %
- United Kingdom 16 %
- Rest of Europe 12 %
- Slovenia 9 %
- Switzerland 8 %
Allocation by Investor Type
- Banks/Treasuries 54 %
- Fund Managers 21 %
- Hedge Fund 11 %
- Other 8 %
- Central Banks/Official Institutions 6 %
Neither this announcement nor any copy of it, in whole or part, may be taken or transmitted, directly or indirectly, into the United States, Australia, Canada or Japan or any other jurisdiction where to do so would be unlawful. This announcement does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase or subscribe, any securities to any person in any jurisdiction, nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, any contract therefore. The offer and the distribution of this announcement and other information in connection with the offer in certain jurisdictions may be restricted by law and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This announcement is not an offer for sale of, or a solicitation to purchase or subscribe for, any securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act of 1933. The Issuer has not registered and does not intend to register any portion of any offering in the United States or to conduct a public offering of any securities in the United States and would only do so by means of a prospectus that may be obtained from the Issuer that would contain detailed information about the Republic of Slovenia.