Slovakia plans at least two new bond lines in 2014, to hold auctions once a month

By bne IntelliNews December 16, 2013

The Slovak finance ministry’s Debt and Liquidity Management Agency (ARDAL) announced on December 16 its plan for auctions of government securities for 2014 envisaging at least two new bond lines.

Depending on market conditions and investor interest, ARDAL plans to open at least two of the following bonds: a 5-year, a 7-year and a 15+-year fixed-rate issue, each of them in size of EUR 3bn. Alternatively, ARDAL said it could also open a USD-denominated bond issue. Additional long-term issues could also be added to the portfolio depending on investors' appetite.

In 2014, the agency plans to hold bond sale auctions once a month - usually on the third Monday, as several different bond issues can be auctioned in one day, depending on investor demand. Details of all auctions would be decided upon in the weeks ahead of the sales.

ARDAL also plans to open next year two one-year T-bill issues, each of them in size of EUR 0.5bn. The first T-bill issue will be launched in April and the second in October.

Slovakia is rated A/A-1 with a stable outlook by Standard & Poor's, A2 with a stable outlook by Moody's, and A+ with a stable outlook by Fitch. The country plans to keep its debt below the 57% ceiling in 2014. Finance minister Peter Kazimir said last week that the government relies on the sale of surplus assets worth up to EUR 1bn and on reducing the cash deficit to meet its 2014 budget goals.

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