Slovakia
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The company suffered little order attrition despite 'aggressive' spread tightening -
The US shutdown has not stopped deals, but its end may make primary even better
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The country finished international funding this week with a €2bn trade
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Spread has peeped below the 100bp barrier
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◆ Maybank gathers sticky, high quality demand ◆ No premium needed ◆ Prima prices tight
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◆ Tatra extends covered curve ◆ Luminor ends three year absence ◆ Slovenská pays slim premium
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Plans for trades in niche currencies are on hold until 2026
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◆ BayernLB ends two year public sector Pfandbrief absence ◆ Tatra issues for the first time this year ◆ Little to no premium needed for either deal
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The country plans to issue more in 2025 than the past few years, doing half the target on Tuesday
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◆ Deal attracts largest CEE euro covered book ◆ Book holds up after 'aggressive' 12bp move ◆ Bond prices through fair value, but setting the level proves tricky
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Wide range of pricing references considered
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Reductions in ECB purchase programmes will cut Slovakia's funding by €1bn-2bn
