Book size: 8600; Registration: Reg S Only; Comments: EUR2bn 20yr fxd cpn 4.125% at 98.43, yld 4.243%. Spread: MS+110. 93.4bps vs DBR 2.5% 07/04/44 (Cash: 88.98 / Yield: 3.309%);
Deal Comments
Reoffer: 20yr: MS+110bp / 98.43 / 4.243%
Benchmark: 20yr: DBR 2.5% 04-Jul-44 @ 88.98 / B+93.4bp
Final Books: 20yr: In excess of €8.6bn (incl. €450m JLM).
Launched: 20yr: €2bn @ MS+110bp - Books in excess of €8.6bn (incl. €450m JLM)
Spread set at: 20yr: MS+110bp - Books in excess of €5.6bn (incl. €450m JLM)
Rev Guidance: 20yr: MS+115a - Books in excess of €4.25bn (incl. €450m JLM)
Guidance: 20yr: MS+120a
Issuer: The Slovak Republic acting through the Ministry of Finance of the Slovak Republic and represented by the Debt and Liquidity Management Agency (ARDAL)
Ratings: A3/A+/A- (Moody's/S&P/Fitch)
Format: Reg S CAT 1 Bearer (TEFRA not applicable)
Size: €2bn
Settlement: 19-Feb-26 (T+6)
Maturity: 19-Feb-46
Coupon: 4.125%, Fixed, Annual, Actual/Actual ICMA
ISIN: SK4000028858
Governing Law: Slovak Law
Documentation: Stand Alone
Use of Proceeds: The net proceeds of issue of the Notes will be used for funding of the state debt of the Slovak Republic
Denominations: €1 x €1
Listing: Bratislava Stock Exchange
Stabilisation: ICMA / FCA Stabilisation applies
Joint Lead Managers: Barclays (B&D/DM), J.P. Morgan, Tatra banka (Raiffeisen Bank International) and VUB (IMI-Intesa Sanpaolo)
Target Market: MiFID II – Eligible, professional and retail counterparties (all distribution channels)
Timing: Priced, TOE 13:14 UKT / 14:14 CET
Use of Proceeds
The net proceeds of issue of the Notes will be used for funding of the state debt of the Slovak Republic