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Special auction on 5 February

SLOVAKIA AUCTION PREVIEW
  • ARDAL announced last Monday (22 January) that there would be a special auction held on Monday 5 February of 2/4-year SlovGBs.
  • Today, ARDAL has confirmed that it will look to auction two new issues next week:
    • The new 2-year 3.00% Feb-26 SlovGB (ISIN: SK4000024675) with an eventual issue size of E1.5bln.
    • The new 4-year 3.00% Feb-28 SlovGB (ISIN: SK4000024683) with an eventual issue size of E3.0bln.
  • Slovakia's 2024 funding plan included plans to launch a new 4-7 year SlovGB this year. We had noted in the MNI Deep Dive that with only one SlovGB with a maturity of less than 8 years available for tapping (the 0.125% Jun-27 SlovGB - ISIN: SK4000017380)) that we may see an earlier launch of the 4-7 year SlovGB than the usual first syndication of the year.
  • However, we had not expected to see a dual-tranche auction (until the announcement last week). Note that at the 15 January auction there was huge demand with E1.27bln sold across the four SlovGBs on offer.
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