After opening the 2026 capital market activity with the first sovereign bond of the year on January 5th, Slovenia returned to international capital markets with a successful EUR 750mn upsize of the recently issued bond. 

Amid a positive market backdrop, on Monday 16 February, the Republic of Slovenia proceeded with an intraday transaction, opening books at circa 09:25 CET for the March-2036 Note reopening. Initial Guidance was released at MS+40bps area for the EUR benchmark-sized tap.

The orderbook momentum was strong from the outset and demand already exceeded EUR 5.0bn (incl. 575mn JLM interest) when the first Update was communicated to the market at 11.15 CET. At this stage, supported by the size of the order book, price guidance was revised lower to MS+37bps area.

Demand continued to grow, reaching above EUR 5.6bn (incl. EUR 575mn JLM interest), allowing the Republic to set the spread another 2bps tighter at MS+35bps at circa 12:35 CET. The transaction was launched at circa 14:00 CET with the final issue size set at EUR 750mn and the orderbook peaking in excess of EUR 6.8bn (incl. EUR 372.5mn JLM interest).

The offering ultimately priced at 17:21 CET with the following transaction parameters: EUR 750mn RegS notes with a coupon of 3.275 % / reoffer spread of MS+35bps / reoffer yield of 3.115 % / reoffer price of 101.348%. Overall, a very successful transaction for the Republic of Slovenia, as demonstrated by the sizable investor demand and low reoffer spread achieved, notably 2bps tighter than the original issuance beginning of January 2026.

The joint bookrunners for this transaction were BNP PARIBAS (B&D), Deutsche Bank, Erste Group and J.P. Morgan

 

Geographical distribution:

19%     France, Benelux

18%     United Kingdom, Ireland

17%     Germany, Austria, Switzerland

17%     Southern Europe

14%     Slovenia

7%       Nordics

6%       Other Countries

2%       CEE

 

Institutional investor distribution:

41%     Banks

32%     Asset Managers

14%     Insurance / Pension Fund

10%     Hedge Funds

3%       Central Banks / Official Institutions

 

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The Notes are being offered and sold pursuant to an exemption from the registration requirements of the U.S. Securities Act, outside the United States in offshore transactions, in reliance on, and in compliance with Regulation S under the U.S. Securities Act. This announcement has been prepared for use in connection with the offer and sale of the Notes and does not constitute an offer to any person in the United States. Distribution of this announcement to any person within the United States is unauthorised. In member states of the EEA, this announcement is directed only at persons who are “qualified investors” within the meaning of Regulation (EU) 2017/1129 (the “EU Prospectus Regulation”). In the UK, this announcement is directed only at persons who are “qualified investors” within the meaning of Regulation (EU) 2017/1129 as it forms part of domestic law of the UK by virtue of the European Union (Withdrawal) Act 2018 (the “UK Prospectus Regulation”). This communication is being distributed to, and is directed only at, persons in the United Kingdom in circumstances where section 21(1) of the Financial Services and Markets Act 2000, as amended, does not apply.

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