The transaction priced at 16:52 CET at a re-offer price of 99.853%, 99.745% and 133.337% for the Mar-23 tap, the new 10yr (Jul-30), and the Aug-45 tap, respectively. This represented a reoffer yield of 0.250%, 0.901% and 1.527%, respectively.

On the back of relatively constructive conditions given the recent global disruptions, Slovenia announced a multi-tranche mandate on Monday 6th of April at 13:00 CET. After gathering supportive investor feedback, the Republic opened books on Tuesday morning at 9:39 CET and released guidance at MS+50bps (the #), MS+85-90bps (WPIR) and MS+130bps (the #) for the Mar-23 tap, the new 10yr, and the Aug-45 tap, respectively. Momentum continued into the morning and by 11:26 CET, spreads were set at MS+50bps, MS+85bps and MS+130bps for the Mar-23 tap, the new 10yr, and the Aug-45 tap, respectively. Aggregate orderbooks were communicated to be in excess of €6.1bn (including €765m JLM interest). The transaction was launched at 13:07 CET with the tranche sizes set at €1.15bn, €1bn and €100m for the Mar-23 tap, the new 10yr, and the Aug-45 tap, respectively. Books closed in excess of €3.5bn (including €150m JLM interest), €3.8bn (including €625m JLM interest) and €800m (including €65m JLM interest) €380mn for the Mar-23 tap, the new 10yr, and the Aug-45 tap, respectively.

Barclays, BNP Paribas (B&D on 10yr), Credit Agricole CIB, Deutsche Bank (B&D on taps) and JP Morgan jointly led the offering.

The geographical and institutional investor distributions were as follows:

Mar-23 Tap Statistics

Geographical distribution:

22,4%    Germany/Austria

20,8%    UK

14,4%    Rest of Europe

10,5%    France

8,1%      Slovenia

7,7%      Italy

7,0%      Benelux

7,0%      Asia

1,3%      Spain

0,7%      Americas

Institutional distribution:

48,6%    Banks / Treasuries

32,0%    Fund Managers

9,8%      Official Institutions

7,8%      Hedge Funds

1,7%      Pensions / Insurance

New Jul-30 Statistics

Geographical distribution:

22,0%    Germany/Austria

20,0%    UK

16,0%    Italy

11,0%    Nordics

10,0%    Slovenia

9,0%      Rest of Europe

6,0%      France

3,0%      Benelux

3,0%      Other

Institutional distribution:

43,0%    Banks / Treasuries

30,0%    Fund Managers

21,0%    Hedge Funds

5,0%      Official Institutions

1,0%      Pensions / Insurance

Aug-45 Tap Statistics

Geographical distribution:

41,0%    Germany/Austria

26,6%    UK

21,3%    Slovenia

4,8%      Rest of Europe

4,0%      Benelux

2,4%      France

Institutional distribution:

66,8%    Fund Managers

21,3%    Banks / Treasuries

12,0%    Pensions / Insurance