Around 9:55 CET, the Republic of Slovenia announced its intention to reopen its Oct-50 line for an intraday execution. Books were opened with price guidance released in the context of MS+115 bps area. Momentum gathered throughout the morning and on the back of a positive response from investors, with books above €300mn (incl. €85mn Joint Lead Manager (JLM) interest), the spread was set at MS+115 bps at 12:35 CET. Final books closed in excess of €440mn (including €85mn JLM interest) at 13:15 CET. Shortly thereafter, the quality of the orderbook enabled the Republic to launch the transaction with the tap size set at €200mn.

The transaction priced at 15:02 CET, offering a reoffer yield of 3.758%, equivalent to a 137.1 bps spread over the DBR 0% 08/15/50.

On the back of constructive market conditions, Slovenia announced a Tender Offer in combination with a EUR offering on Tuesday, the 14th of February 2023, at 10:10 CET. With the cash tender offer the Republic was targeting its EUR 0.200% Mar-23 notes and EUR 4.625% Sep-24 notes. The tender offer was conducted via a Modified Dutch Auction procedure.

On the 21st of February 2023 at 16:01 CET, the Republic of Slovenia announced the results and pricing of the tender offers which will be financed by the proceeds from the tap of the Oct-2050 Note. The Republic bought back:

• EUR 0.200% Mar-23 notes in the amount of EUR 17,830,000 at a purchase price 100,017%,
• EUR 4.625% Sep-24 notes, in the amount of EUR 67,818,000 at a purchase price 103,631%,

Barclays, BNP Paribas, Deutsche Bank and Erste Group jointly led the transaction.

The geographical and institutional investor distributions were as follows:

EUR Oct-50 tap statistics

Geographical distribution:

51.5% UK

20.5% Germany/Austria/Switzerland

15.0% Nordics

12.0% Benelux

1.0% Slovenia

Institutional distribution:

45.0% Asset Managers/Funds

35.7% Banks/Treasuries

17.5% Central Banks

1.8% Insurance