Slovakia opens EGB.........>

SLOVAKIA AUCTION PREVIEW: Slovakia opens EGB issuance for the week, selling

E0.1bln of 1.00% Jun-28 SLOVGB and E0.1bln of 1.625% Jan-31 SLOVGB on Monday.

- HISTORY: The last time ARDAL tapped these two bonds was on March 18. At that

auction, the Jun-28 went at an average yield of 0.62% and cover of 5.37x; the

Jan-31 sold at 0.97% average yield and 3.48x cover.

- BACKGROUND/RV: Going into this auction, MNI estimates that ARDAL has completed

37% of Slovakia`s annual planned issuance of E4.3bln thus far, with most of the

proceeds coming from the 10-14 year segment of the curve (E1.1bln of total

E1.6bln).

- Slovak spreads have come in sharply since the beginning of 2019. Versus the

German 5.5% Jan-31, the Slovakian equivalent spread has narrowed from a 2019

high of 96.2bps in February to 78.1bps currently (lowest since November). This

is still well off tightest levels seen since the Jan-31 SLOVGB was first issued

in 2016, however. In early 2018, the spread dropped as low as 49.4bps.

- TIMING: Results expected around 1115CET/1015UK.