The success of this transaction is also underpinned by a strong final orderbook of c. EUR 6.8bn (incl. EUR 785m JLM interest) – a clear testimony to the support investors show to the Republic of Slovenia to achieve their funding targets for the year.

On Tuesday, 2 January 2024 at 13:30 CET, The Republic of Slovenia announced the mandate for its return to the debt capital markets with a EUR 10-year issuance due 2034.

After gathering supportive investor feedback, books were opened the following morning on Wednesday, 3 January 2024 at 10:00 CET. Initial price guidance was released at MS+70bps area for a new long 10-year due March 2034.

Orderbook momentum remained strong throughout the morning on the back of which the Republic managed to revise price guidance just before noon CET to MS+60bps (+/- 2bps WPIR) with books recorded in excess of EUR 6.8bn (incl. EUR 785m JLM interest).

Books continued to grow, reaching above EUR 7.6bn (incl. EUR 785m JLM interest), and allowing the Republic of Slovenia to set spreads at the tighter end of the range at MS+58bps at 12:45 CET. The transaction then launched at 14:10 CET with the final issue size set at EUR 1.5bn and final orderbooks of c. 6.8bn (incl. EUR 785m JLM interest).

The offering ultimately priced at 17:45 CET with the following transaction parameters: EUR RegS 1.5bn notes with a coupon of 3.000% / reoffer spread of MS+58bps / reoffer yield of 3.043% / reoffer price of 99.621%. The issuance landed flat to fair value with negligible new issue concessions.

The joint bookrunners for this transaction were Barclays, BNP Paribas (B&D), Deutsche Bank, Erste Group, Goldman Sachs Bank Europe SE and Nova KBM.

Geographical distribution

27 % Germany, Austria, Switzerland

26 % UK/Ireland

13 % Nordics

11 % Slovenia

9 % France, Benelux

6 % CEE

6 % Southern Europe

2 % Rest of World

Institutional investor distribution is follows:

37 % Asset Manager

20 % Official Institutions

18 % Bank/Treasury

12 % Insurance/Pension Fund

9 % Hedge Fund

4 % Other