The Republic of Slovenia announces the cash tender results of the Euro denominated notes of the tender that expired on 12 October 2020. January 2021 Notes and April 2021 Notes were accepted in the amount of EUR 98,130,000 and EUR 74,850,000, respectively.

A Update on the Republic of Slovenia Tender Offer and a potential launch of a new 30 year Republic of Slovenia bond

The Republic of Slovenia (the Issuer), rated A3 (stable) / AA- (stable) / A (stable), has mandated Barclays Bank PLC, BNP Paribas, Commerzbank, Goldman Sachs International Bank, J.P. Morgan and UniCredit as Joint Dealer Managers for a Tender Offer for the Issuer’s outstanding January 2021 and April 2021 EUR securities. Additionally, the Republic will consider a Euro-denominated Reg S transaction in dematerialised registered form, subject to market conditions and the results of the concurrent Tender Offer. Relevant stabilisation (including FCA/ICMA) applies. Target Market: Manufacturer target market (MIFID II product governance) are eligible counterparties and professional investors (all distribution channels) and also retail investors (all distribution channels).

On 2 October 2020, Moody's Investors Service, a global rating agency, upgraded the credit rating of the Republic of Slovenia by one notch to a A3 and ascribed to it a stable outlook.

On Friday, 21 August 2020, credit rating agency DBRS Morningstar confirmed Slovenia's credit rating at A (high) with a stable trend. This is once again proof that the measures implemented by the Government during the COVID-19 epidemic were appropriate and that external observers continue to see Slovenia as trust-worthy despite the difficult situation created by the epidemic.

On Friday, 17 July 2020, Fitch Ratings affirmed Slovenia's credit rating at 'A' with a stable outlook.

The Minister of Finance M.Sc. Andrej Šircelj On the basis of the third paragraph of Article 40 of the Slovenian Sovereign Holding Act, on 10 April 2020 issued a Decision on the appointment and tasks of the Expert Commission for the preparation of the candidate proposal for the members of the Slovenian Sovereign Holding (SSH) Supervisory Board. The Expert Commission carried out the procedure of obtaining and evaluating candidates, but was unable to submit s sufficient number of suitable candidates to the Minister of Finance. The expert commission therefore publishes an open public call for additional candidates. The candidate selection process is underway due to the expiration of the term of office of two members of the SSH Supervisory Board on July 16, 2020.

The Minister of Finance M.Sc. Andrej Šircelj on the basis of the third paragraph of Article 40 of the Slovenian Sovereign Holding Act, issued a Decision on the appointment and tasks of the Expert Commission for the preparation of the candidate proposal for the members of the Slovenian Sovereign Holding (SSH) Supervisory Board, which will carry out the process of obtaining and evaluating candidates and prepare for the Minister for Finance the proposal of the relevant candidates. The candidate selection process is underway due to the expiration of the term of office of two members of the SSH Supervisory Board on July 16, 2020.

At today’s Eurogroup video conference, EU Ministers of Finance agreed on short-term measures to mitigate the effect of the coronavirus pandemic. During the crisis, all euro area Member States will be able to access the resources within the newly established Pandemic Crisis Support, which will be based on the existing precautionary credit line of the European Stability Mechanism (ESM). A temporary European instrument to support national safety nets – called SURE, and EIB guarantee schemes will also be created. Fiscal and state-aid rules are relaxed, and the work on mid-term measures continues as well.

On the 7th of April 2020, the Republic of Slovenia successfully returned to the markets with a triple-tranche transaction, consisting of a €1.15bn Mar-23 tap, a new €1bn 10yr (Jul-30) issuance and a €100m Aug-45 tap.

The Republic of Slovenia, rated Baa1 (positive) / AA- (stable) / A (stable), has mandated Barclays, BNP Paribas, Credit Agricole CIB, Deutsche Bank and J.P. Morgan to lead manage a multi-tranche transaction consisting of a new 10-year SLOREP benchmark due 15 July 2030 and a reopening of the 0.200% notes due 31 March 2023 (ISINSI0002103974). A reopening of the 3.125% notes due 7 August 2045 (ISIN SI0002103552) will be considered subject to reverse interest from investors. All tranches will be Regulation “S” transactions in dematerialized registered form. The deal is expected to be launched in the near future, subject to market conditions. Relevant stabilization regulations apply. Manufacturer target market (MIFID II product governance) are eligible and professional counterparties (all distribution channels) and also retail investors (all distribution channels).

On the 24th March 2020, the Republic of Slovenia successfully issued a new €850mn 3yr (Mar-23) benchmark along with a €250mn Mar-29 tap.

The Republic of Slovenia, rated Baa1 (positive) / AA- (stable) / A (stable), has mandated Barclays Bank PLC, BNP Paribas, Commerzbank, Crédit Agricole CIB, Goldman Sachs International Bank and HSBC to lead manage a new EUR 3-year benchmark due March 2023 and an increase of the outstanding 1.1875% notes due 14 March 2029 (ISIN: SI0002103842) in dematerialized registered form. This Regulation S transaction is expected to be launched in the near future, subject to market conditions.

On 7 January 2020, the Republic of Slovenia successfully refinanced the bond maturing on 27 January 2020 by issuing a new €1.5 bn 10-year bond.

The Republic of Slovenia, rated Baa1 (positive) / AA- (stable) / A (stable), has mandated Barclays Bank PLC, BNP Paribas, Goldman Sachs International Bank, HSBC, J.P. Morgan and UniCredit Banka Slovenija to lead manage a new EUR 10-year benchmark due January 2030 in regulation S format (dematerialized registered form). This transaction is expected to be launched in the near future, subject to market conditions.

The Republic of Slovenia, rated Baa1 (positive) / AA- (stable) / A (stable), has mandated Barclays Bank PLC, BNP Paribas, Goldman Sachs International Bank, HSBC, J.P. Morgan and UniCredit Banka Slovenija to lead manage a new EUR 10-year benchmark due January 2030 in regulation S format (dematerialized registered form). This transaction is expected to be launched in the near future, subject to market conditions.

Last week, the National Assembly adopted state budgets for the next two years. With the adopted budget for 2020, more than € 10 billion will be spent on priorities in the field of development, welfare state and security; at the same time, it is our responsibility to ensure long-term fiscal sustainability.

At today’s session the Slovenian government put forward the draft state budgets for 2020 and 2021. The draft budgets follow the fiscal rule that requires medium-term balance of general government revenues and expenditures without borrowing. Total state budget expenditures of EUR 10.35 billion are planned in the next year, which is 1.9% higher than set out in the revised budget for 2019, while revenues are planned to rise by 4.5% to just under EUR 10.82 billion.

In the first half of this year, the state budget showed a surplus of EUR 208,2 million, while in the same period last year it stood at EUR 184.2 million. First-half revenues stood at approximately EUR 5.08 billion this year, up 6.8% on the same period last year, while expenditures rose 6.5% and amounted to approximately EUR 4.87 billion.

The rating agency Fitch upgraded the credit rating for Slovenia from A- to A, with a stable outlook. This is the third such upgrade for Slovenia by rating agencies this year, showing that the country is in good shape and has been successfully consolidating its public finances.