The transaction priced at 15:23 CET at a re-offer price of 99.842% and 104.262% for the 3yr (Mar-23) and the Mar-29 tap, respectively. This represented a reoffer yield of 0.253% and 0.695%, respectively.

Given the temporary relief in the markets and the COVID-19 backdrop, Slovenia announced initial price guidance at 10:06 CET, at MS+50bps and MS+65bps for the 3yr (Mar-23) and the Mar-29 tap, respectively. Momentum continued into the morning and by 11:41 CET a book update was released in excess of EUR1.75bn.  At 12:14 CET the spread was set at m/s+50bps and m/s+65bps for the 3yr and Mar-29 tap, respectively. At which point the orderbook was in excess of EUR1.8bn. The transaction was launched at 14:02 CET with the size of the 3yr benchmark set at €850mn and the size of the Mar-29 tap set at €250mn. Books were in excess of €1.35bn and €380mn for the 3yr and Mar-29 tap, respectively.

Barclays, BNP Paribas (B&D), Commerzbank, Credit Agricole CIB, Goldman Sachs International Bank and HSBC jointly led the offering.

The geographical and institutional investor distributions were as follows:

3yr (Mar-23) Statistics:

Geographical distribution:

• France – 32%
• Slovenia – 13%
• German and Austria – 12%
• Benelux – 10%
• Rest of Europe – 9%
• Asia – 9%
• UK – 5%
• Italy – 4%
• Spain – 4%
• Americas – 2%

Institutional distribution:

• Banks/Treasuries – 51%
• Fund Managers – 28%
• Official Institutions – 13%
• Hedge Funds – 7%
• Pensions/Insurance – 1%

Mar-29 Tap Statistics:

Geographical distribution:

• France – 31%
• Germany and Austria – 21%
• Slovenia – 14%
• UK – 13%
• Italy – 9%
• Benelux – 6%
• Americas – 3%
• Other – 3%

Institutional distribution:

• Banks/Treasuries – 59%
• Fund Managers – 22%
• Pension/Insurance – 12%
• Hedge Funds – 7%