Commentary & Deal Flow

Reoffer: 10yr: MS+77bp / 99.529 / 4.309%
Benchmark: 10yr: DBR 3 15-Aug-36 / B+81.3bp (HR 99%)

Tranche 1 (10yr): Final Books > €4.5bn (incl. €550m JLM). Peak book > €5bn (incl. €600m JLM)

Launched: 10yr: €2.5bn @ MS+77bp - Books > €4.6bn (incl. €550m JLM)
Spread set at: 10yr: MS+77bp - Books > €5bn (incl. €600m JLM)
Revised Guidance: 10yr: MS+80a - Books > €4.2bn (incl. €550m JLM)
Guidance: 10yr: MS+85a

• Issuer: The Slovak Republic acting through the Ministry of Finance of the Slovak Republic and represented by the Debt and Liquidity Management Agency (ARDAL)
• Ticker: SLOVGB
• Issuer LEI: 097900BHFM0000074794
• Issuer Ratings: A3 (stable) / A (stable) / A- (stable) by Moody's / S&P / Fitch
• Format: Reg S Cat1, Bearer
• Coupon: 4.250% Fixed, Annual, Act/Act (ICMA)
• Size: €2,500,000,000
• Reoffer: 99.529 / 4.309% / MS + 77bps / DBR 3 15-Aug-36 + 81.3 (HR 99%)
• Maturity: 10Y (30-Sep-36)
• Settlement: 30-Sep-26 (T+5)
• ISIN: SK4000030532
• Denominations: €1 + €1
• Listing / Law: Bratislava Stock Exchange / Slovak Law
• Bookrunners: Deutsche Bank, HSBC (B&D), J.P. Morgan and Slovenska sporitelna (Erste Group)
• Target market: MiFID II Product Governance – Retail, Professional Investors and Eligible Counterparties (all distribution channels)
• Timing: Priced, TOE 15:35 CET, FTT Immediately
• Marketing: https://www.ardal.sk/en/about-us/presentations