The Republic of Slovenia: US$ 500mn 5.600 percent 10-year 144A/Reg S Bond offering

27. 10. 2026

On Tuesday, 27th October 2026, the Republic of Slovenia, rated A2 (stable) / AA (stable) / A+ (stable), entered the markets with a US$ 500mn 10-year 144A / Reg S bond. The US$ is a strategic currency for the Republic. This transaction marks the second return to the US$ market of Slovenia since 2014. With a solid demand of over US$ 785mn (including JLMs interest), Slovenia could once again count on its diversified institutional investor base. Barclays, Deutsche Bank, DZ BANK, J.P. Morgan and Raiffeisen Bank International jointly led the offering.

One-hundred-dollar notes spread out across the surface and stacked in a column. — Author Depositphotos - Vadim Vasenin

The transaction priced at 18:34 CET. The new US$ 500mn 10-year offering priced with a coupon of 5.600% and a reoffer spread of CT10+65bps, representing a 5.630 percent reoffer yield and reoffer price of 99.773 percent.

The mandate of the US$-denominated benchmark 144A / Reg S 10-year offering was announced in the morning of Monday 26^th October 2026, at 10:36 CET on the back of a stable market backdrop. The mandate was announced in conjunction with several slots for individual 1-on-1 investor calls taking place over the course of Monday.

Books for the new US$ 10-year line officially opened on Tuesday, 27^th October at 09:00am CET after gathering supportive investor feedback during the investor work exercise, with initial price thoughts of CT10+65bps area.

Books grew steadily, reaching $825mn+ (including $220mm orders from JLMs), enabling the Republic to fix the spread at CT10+65bps at 11:52 CET.

At 14:21 CET, the size was fixed at US$ 500mn with investor demand exceeding US$ 785mn (including $195mn of JLM orders), allowing the Republic of Slovenia to successfully launch the transaction.

With this transaction, Slovenia extends its US$ curve, following up on its last 10-year US$-benchmark outing back in 2023. With this transaction, the Republic continues to represent the CEE region in US$ capital markets.

For the purpose of hedging against the movement of the exchange rate of the US dollar against the euro, a currency swap was implemented in the entire value of the issue. The actual cost of financing the state budget by issuing a dollar bond after currency exchange is 4.124 percent.

With this US$ 500 mn bond issuance, the Republic of Slovenia continues its periodic presence in the US dollar capital market, which forms a part of its long-term funding strategy. The issuance supports the diversification of funding sources and the maintenance of relationships with international institutional investors. The size of the issuance is consistent with the objective of further reducing the debt-to-GDP ratio, which is projected to reach 64.6 percent in 2026.

Geographical distribution

65 percent Continental Europe
15 percent Asia / Middle East
12 percent UK
8 percent North America

Institutional investor distribution is follows:

32 percent Asset Manager
32 percent Banks / Private Banks
27 percent Central Banks/ Official Institutions
6 percent Insurance / Pension Fund
3 percent Hedge Fund