October 19 (SeeNews) - Slovenia had launched a tender to buy back its outstanding 2022, 2023 and 2024 dollar-denominated government securities and is at the same time considering an issue of euro-denominated bonds, the finance ministry said.
"The Republic of Slovenia, rated Baa3 (positive) / A (stable) / A- (stable), has mandated Barclays, Deutsche Bank, Goldman Sachs International Bank and J.P. Morgan as Dealer Managers for a Tender Offer for the Issuer’s outstanding 2022, 2023 and 2024 US$ securities", the ministry said on Tuesday.
"Additionally, the Republic will consider a Euro-denominated Reg S transaction in dematerialised registered form, subject to market conditions and the results of the concurrent Tender Offer", it added.
The subject of the tender offer, published on the Luxembourg Stock Exchange website, are Slovenia's initially $2.25 billion (2 billion euro) 5.5% notes due in 2022, of which $1.4 billion is currently outstanding, $2.5 billion 5.85% notes due in 2023 with $2 billion outstanding, and $2 billion 5.25% notes due in 2024 with $1.6 billion outstanding.
The tender offer is open until October 25.
In May, Slovenia bought back a total of $1.25 billion of the same three issues - $550 million of the 2022 notes, $400 million of the 2023 issue, and $300 million of the 2024 bond - above its initial target of 750 million euro amidst stronger-than-anticipated demand of $3.1 billion. At the same time, the country raised 1.25 billion euro through the re-opening of two euro-denominated issues, "which allowed it to fund the USD buyback and extend the overall duration of its debt stockpile at an attractive all-in yield," the finance ministry said at the time.
($=0.910207 euro)