Slovenia
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The Republic of Slovenia is once again in the market with a liability management exercise that will enable it to tidy its debt structure by buying back up to $650m of its outstanding dollar bonds, as it continues its bid to consolidate its outstanding dollar debt into one bond maturing 2024. -
As the first trades of the new year hit the screen this week, one new line stuck out in the deal announcements — a specification that the target market for the issue would only be eligible counterparties and professional clients, a piece of boilerplate to comply with the new MiFID II rules.
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The Republic of Slovenia brought forward a euro-denominated trade by as much as a week in order to take advantage of a strong issuance window, which enabled it to increase the size of its deal by €500m to €1.5bn, according to Marjan Divjak, director general of Slovenia’s debt management office.
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Slovenia took full advantage of its early market move on Thursday to secure its tightest ever spread, and what it expects to be its lowest coupon, on a new euro-denominated note.
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Slovenia tapped two euro bonds for €700m this week to exchange investors out of some of its dollar debt, in a move that bankers said shows the issuer is one of Europe’s most astute borrowers.
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Slovenia has set final terms on a €700m combined tap of its 2027 and 2040 notes, with leads expecting the trade to have wrapped up by early afternoon on Wednesday.
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Slovenia is once again borrowing in euros to fund a buy-back of its dollar debt as it looks to cut its liabilities in the currency. This is the borrower’s sixth such transaction over the course of two years.
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With a dearth of emerging market bond supply defining the start of the week, it was left to high yield issuers to provide something for EM investors to get their teeth into as United Group, a cable operator in Eastern Europe, became one of five HY mandate announcements announcements on Monday.
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Slovenian Sovereign Holdings (SSH), which manages Slovenian state assets, has begun the privatisation of Nova Ljubljanska Banka, the country’s largest bank, having published an intention to float document on Monday morning.
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The Croatian financial services supervisory agency, Hanfa, has suspended trading in the shares of eight of Agrokor’s subsidiaries until it appoints a new auditor to look over its 2016 accounts.
