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Slovakia 15y syndication preview

EGB SYNDICATION
  • Slovakia announced yesterday a mandate for a new 15-year SlovGB to take place in the "near future". We expect the transaction to take place today.
  • This will be the first new issue of the year for Slovakia.
  • In 2020, Slovakia launched a new 10-year SlovGB for E1.50bln in April before holding a dual-tranche 5/12-year syndication in May selling E2bln of each issue (E4bln in total).
  • In its funding plan for 2021, ARDAL noted that it expected to launch 3-4 new SlovGBs via syndication this year with the total amount to be sold via syndication limited to E4.0bln. In its plan it noted maturities of 5-8 years, 10-12 years and 19+ years according to market conditions.
  • Given the maturities outlined in the funding plan a 15-year mandate is a little surprising, although it does seem as though debt management agencies across the Eurozone believe the sweet spot is in the 15-year area at the moment with the Netherlands and Spain also launching new 15-year bonds yesterday.
  • We would expect the transaction size to be between E1.5-2.5bln (probably closer to E1.5-2.0bln).
  • Timing: For the dual tranche transaction in May, books opened around 8:20, with the final spread around 11:15, final terms around 12:10 and pricing around 16:00. All times are UK.
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