The transaction priced at 17:35pm CET. The new EUR 1.75bn 10-year benchmark priced with a coupon of 0.000% and a reoffer spread of MS+17bps, offering a -0,096% reoffer yield, equivalent to a spread of 48.4 bps over the DBR 0% 15/08/30. The EUR 250mn Oct-50 tap priced with a reoffer spread of MS+40bps, offering a reoffer yield of 0,381%, equivalent to a 54.9 spread over DBR 0% DBR 15/08/50.

On Monday 4th January at 14:00 CET and on the back of relatively constructive market conditions given the recent global disruptions, Slovenia announced the mandate for a EUR dual-tranche transaction comprised of a new 10-year benchmark and of a reopening of its 0.4875% Oct-50 line. After gathering supportive investor feedback overnight, books were opened the following morning with initial guidance set at MS+25bps area for the new 10-year benchmark and at MS+high 40s area for the tap. Guidance were revised down to MS+20bps area and MS+45bps area two hours later as demand stood in excess of EUR 7.3bn (excl. JLM interest) at 10-year and EUR 2.1bn (excl. JLM interest) for the tap. Momentum continued, with books reported over EUR 11.2bn (excl. JLM interest) at 10-year and over EUR 2.3bn (excl. JLM interest) for the tap at 12.45pm CET, allowing to set the final spreads at MS+17bps for the new benchmark and MS+40bps for the tap. Simultaneously, a min. EUR 1.5bn size was announced for the 10-year tranche while the size tap was set at EUR 250mn. The transaction was launched at 14:10 CET with the tranche sizes set at EUR 1.75bn and EUR 250m for the new 10yr and the Oct-50 tap, respectively.

Books closed in excess of EUR 10.6bn (excl. JLM interest) and EUR 2.0bn (excl. JLM interest) for the new 10-year and the Oct-50 tap, respectively.

Barclays, BNP Paribas, Credit Agricole CIB, Deutsche Bank, HSBC and Nova KBM jointly led the offering.

The geographical and institutional investor distributions were as follows:

New Feb-31 Statistics

Geographical distribution:

• 38 % UK & Ireland
• 13 % Germany & Austria
• 12 % Nordics
• 9 % Slovenia
• 8 % Other Europe
• 7 % France
• 5 % Benelux
• 5 % Italy
• 3 % Americas & Other

Institutional distribution:

• 59 % Fund Managers, Insurance, Pensions
• 28 % Banks
• 7 % Other
• 6 % Official Institutions

Oct-50 Tap Statistics

Geographical distribution:

• 25 % Germany & Austria
• 20 % UK & Ireland
• 18 % Nordics
• 13 % Slovenia
• 11 % Other Europe
• 7 % Americas & Other
• 6 % France

Institutional distribution:

• 84 % Fund Managers, Insurance, Pensions
• 9 % Banks
• 5 % Official Institutions
• 2 % Other