Slovakia sells EUR 317.2mn in 2017, 2025 T-bonds.

By bne IntelliNews June 12, 2012
Slovakia sold EUR 317.2mn in 2017 and 2025 government bonds at an auction on June 11, the finance ministrys Debt and Liquidity Management Agency (ARDAL) said. The government sold EUR 179.2mn of the issue, which matures on January 19, 2017 and has a fixed annual coupon of 4.625%, at an average yield of 2.60%, down from 2.64%, achieved at the previous auction of the issue on May 14. Bids worth EUR 200.7mn were received, setting the bid to cover ratio at 1.12, down from 1.59 in May. Foreign investors placed bids worth EUR 158mn, of which EUR 150mn were approved. The minimum yield requested by investors was 2.55% and the maximum price was 2.65%. The cut-off price stood at 108.43%. This was the second domestic tranche of the issue, of which Slovakia sold EUR 1bn in January in a syndicated offering on the international markets. ARDAL sold on Monday also EUR 138mn of the issue, which matures on October 14, 2025 and carry an annual coupon of 4.35%, at an average annual yield of 4.26%, down from 4.63% achieved at the previous auction held on April 16. The issue attracted bids worth EUR 192.5mn, setting the bid to cover ratio at 1.39, up from 1.31 in April. Foreign investors placed bids worth EUR 73mn, of which EUR 64mn were approved. The minimum yield requested by investors was 4.15% and the maximum yield was 4.30%. IntelliNews comment: Slovakia has almost reached its borrowing target for this year as a renewed demand for longer-term government securities helped it raise EUR 2.47bn from T-bond sales so far this year. ARDAL has also sold on international markets EUR 1bn of the 2017 bonds, a USD 1.5bn 10-year U.S. dollar-denominated government bond and more than EUR 900mn of Swiss franc and Czech koruna denominated bonds, aiming do diversify its bond portfolio away from euro-denominated debt.

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