SLOVENIA, March 14 - On Wednesday, 13 March 2024 at 09:52 CET, The Republic of Slovenia announced the mandate for a EUR 250-500mio increase of their 10-year benchmark with intraday execution.

The orderbook opened immediately with price guidance of MS+65 area, offering a new issue concession of 7bps to secondary market. Investors responded quickly, leaving orders in excess of EUR 2bn by 12:15 CET, allowing the final spread to be set at MS+58bps, i.e. flat to the secondary market.

The orderbook continued to grow after the spread was set and reached in excess of EUR 3.1bn (incl. EUR 410mio of JLM interest) when it was closed at 13:00 CET. This allowed the issuer to launch a EUR 500mio increase, which was at the top end of the communicated range of EUR 250-500mio.

The deal ultimately priced at 15:53 CET and was immediately tradable in the market.

The sizeable investor demand and pricing flat to the secondary market (i.e. without any new issue concession) make this transaction a strong success for the Republic of Slovenia.

The joint bookrunners for this transaction were BNP Paribas (B&D), Deutsche Bank and J.P. Morgan.

Geographical distribution

33 % Germany, Austria, Switzerland

13 % France

12 % Nordics

10 % CEE including Slovenia

9 % Benelux

22 % Other countries

Institutional investor distribution is follows:

38 % Bank/Treasury

27 % Official Institutions

24 % Asset Managers

9 % Hedge Fund

2 % Insurance/Pension Fund