Slovakia reaches half way point with rip-roaring return
The Slovak Republic sold its first syndication of the year this week — a €1.75bn 10 year which was priced well through initial price thoughts. The deal takes the sovereign over half way towards its €8bn funding target for 2013. It is eyeing 15 year and five year euro trades, as well as a possible Swiss franc deal, to help it reach the finish line.
Deutsche Bank, ING, Société Générale and Slovenská sporitelna (Erste Group) priced a 1.75bn 3% February 2023 bond at 122bp over mid-swaps on Wednesday afternoon. The coupon and yield marked record lows for Slovakia.
"The 3% coupon is a historical low on a benchmark and the cost of funds
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