Slovenia EUR500m 0.6875% March 81

  • By Mariam Meskin
  • 27 Jan 2021
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Rating:A3/AA-/A

Amount: €500m Reg S

Maturity: 3 March, 2081

Issue/reoffer price:99.388

Coupon: 0.6875%

Yield: 0.700%

Spread at reoffer: 75bp over mid-swaps

Launched: Wednesday, January 27

Payment date:February 3

Joint books: BNP Paribas, Deutsche Bank, Goldman Sachs, HSBC


Bookrunners’ comment:

Slovenia had said that they wanted to explore the ultra-long part of the curve and take advantage of the bid for duration.

There isn’t much curve between 50 and 60 years, so you can get an extra 10 years at very little cost. Very few investors that are happy to buy 50 years will refuse a 60 year.

There was no new issue premium on this transaction.

The all-in cost of 60 year funding was very attractive to Slovenia, which has tried to be prudent and conservative with its debt management.

This deal is officially the longest ever bond raised in CEE and it showed that there remains a strong bid for duration.

France, which did a 50 year trade this month, was a good testing point for demand for longer-dated European sovereign bonds.


Market appraisal:

“…this is such high rated paper I don’t even think it counts as emerging market any more. It benefits from the ECB [bond] buying too, so it is different from the other EM paper out there.”

  • By Mariam Meskin
  • 27 Jan 2021

Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 16.96 84 10.49%
2 Citi 16.47 74 10.18%
3 HSBC 13.06 94 8.08%
4 Standard Chartered Bank 8.51 60 5.26%
5 BNP Paribas 8.28 55 5.12%

Bookrunners of LatAm Emerging Market DCM

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Santander 4.35 19 13.01%
2 JPMorgan 3.89 18 11.62%
3 Citi 3.70 18 11.05%
4 Morgan Stanley 2.60 9 7.78%
5 BNP Paribas 2.42 9 7.23%

Bookrunners of CEEMEA International Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 6.94 29 14.41%
2 Citi 5.72 20 11.86%
3 HSBC 5.08 24 10.54%
4 Standard Chartered Bank 4.14 19 8.60%
5 Goldman Sachs 2.95 6 6.12%

EMEA M&A Revenue

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 0.20 50 10.55%
2 Goldman Sachs 0.16 37 8.77%
3 Morgan Stanley 0.14 46 7.64%
4 Bank of America Merrill Lynch 0.11 33 6.18%
5 Citi 0.10 35 5.16%

Bookrunners of Central and Eastern Europe: Loans

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 ING 1.57 13 8.92%
2 Credit Agricole CIB 1.53 7 8.68%
3 MUFG 1.24 5 7.08%
4 Sumitomo Mitsui Financial Group 1.16 8 6.61%
5 UniCredit 1.04 10 5.91%

Bookrunners of India DCM

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 HSBC 1.12 9 17.54%
2 JPMorgan 0.92 8 14.49%
3 Standard Chartered Bank 0.88 8 13.92%
4 Barclays 0.82 7 12.82%
5 MUFG 0.72 6 11.36%