SLOVENIA, September 24 - On Tuesday, 24 September 2024 at 10:22 CET, The Republic of Slovenia announced the mandate for a EUR benchmark increase of their outstanding 10-year benchmark with intraday execution.

The orderbook opened immediately with price guidance of MS+62bps area and investor demand was robust from the outset, with orders in excess of EUR 2.5bn (incl. 170mio JLM) by 12:12 CET. This supported the Republic to revise the price guidance to MS+60bps area.

The orderbook continued to grow after the first update and reached in excess of EUR 3.1bn (incl. EUR 150mio of JLM interest) by 13:19 CET. This allowed the issuer to set the spread at MS+56bps, which is flat to where the bond was quoted in the secondary market at this stage i.e. implying zero new issue concession.

The high-quality, granular orderbook closed above EUR 3bn (incl. EUR 150mio of JLM interest) at 13:45 CET. The Republic subsequently launched a EUR 750mio increase at 14:10 CET.

The deal officially priced at 16:17 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 Barclays (B&D), Deutsche Bank, Erste Group and J.P. Morgan.

Geographical distribution:

34 percent Germany, Austria, Switzerland

26 percent United Kingdom

13 percent Southern Europe

7 percent Slovenia

6 percent CEE

6 percent France, Benelux

5 percent Nordics

3 percent Rest of World

Institutional investor distribution:

54 percent Bank / Treasury

30 percent Asset Managers

11 percent Central Banks / Official Institutions

4 percent Hedge Fund

1 percent Insurance / Pension Fund