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Free AccessMNI INTERVIEW: Slovenia Sees More Longer-Dated Bond Value
Slovenia's debt agency still sees value in longer-dated bond issuance despite the pick-up in yields over recent weeks, and will continue to extend the average duration of its portfolio, Director General Marjan Divjak told MNI in an interview.
"Despite the recent acceleration in the move to higher yields the environment to issue long-term debt is still constructive," Divjak said in response to written questions shortly after Slovenia issued a new 60-year euro bond. Long-term funding is the "logical choice," he added, given elevated funding needs and market demand, supported via the ECB's pandemic emergency purchase programme.
Slovenia will decide how much of its 2021 funding needs will be met by NextGenerationEU funds and the Recovery and Resilience Facility by April, Divjak said. Any further euro denominated or T-bill issuance will be determined by market conditions, with the supportive euro debt capital market environment "clearly" favouring funding in the domestic currency at present.
GREEN BOND
Interest in all euro bond tranches has been "strong" this year, with a "significant" part of Slovenia's 2021 funding needs already met, he continued, adding that "the question remains what is the level of pre-financing for 2022 to be provided." A EUR500 million green bond should be issued in 2021 or 2022, he said.
To date Slovenia has executed EUR 2.9 billion long-term financing in euro bonds, together with EUR502 million in T-bills. More long-term financing came from the remaining EUR910 of an EU SURE scheme loan drawn in February.
The average weighted time to maturity of newly-issued Slovenian debt now stands at 19.4 years following the issue earlier this year of a new 10-year bond and reopening bonds with 8-, 9- and 30-year maturities, Divjak said.
The unwinding of the ECB's pandemic emergency programme will be done in an orderly and thoughtful fashion, Divjak said, although "we should not be surprised interest rates to increase from the ultra-low levels."
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.