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EUROZONE ISSUANCE: /SLOVAKIA/MNI EXCLUSIVE: Slovakia will likely concentrate on
issuing shorter-dated maturities in 2019, with less focus on either ultra-long
or foreign currency bonds, Bytcanek told MNI in exclusive comments.
- The Bratislava-based agency is mulling the possibility of two syndication
deals in 2019, with options at the short-end and in the 10 to 20-year sector of
the curve, Bytcanek added.
- Slovakia is targeting issuance of approximately E1 billion via a syndication
deal, with the strong possibility of a bond with an 11-year maturity, as there
is a gap in redemption profile in 2030.
- Gross new issuance across the debt curve in 2019 was likely to be around E4.3
billion, the debt head explained, helped by an increase in State Treasury funds.
- Slovakia hasn't issued any foreign currency bonds in 2018 and will likely
continue this into next year.
- Bytcanek noted liquidity in the secondary market remains strongly affected by
the ECB operations (PSPP), adding that real money investors have almost
disappeared due to the negative yield environment in maturities up to 5-years.