Slovenia
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The Republic of Slovenia navigated a much changed euro new issue market on Tuesday, executing a three year bond and tap that required unconventional pricing tactics. -
The Republic of Slovenia became the first CEEMEA issuer to print a bond this decade, quickly launching a €1.5bn deal from a book of €11.75bn on Tuesday.
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A group of pre-IPO shareholders in Adyen, the Dutch payments company, have sold €311.8m of stock in response to reverse enquiries from investors. The Slovenian government also took advantage of the momentum in the blocks market to sell another 10% of NLB, the country’s largest bank.
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Všeobecná úverová banka (VUB) has issued the first ever 10 year covered bond from Slovakia, thanks in large part to the high spread that ensured a 0.5% coupon — a return that investors demand — but one that is now out of reach for most European names in this tenor.
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Emerging markets got off to a cracking start for the year this week with a slew of sovereign deals hitting screens. High quality, low beta sovereigns Israel and Slovenia began proceedings with impressive euro deals.
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Slovenia hit screens with the first sovereign bond of 2019 on Monday, undergoing some price discovery but closing a successful deal and paving the way for other countries to follow suit.
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The Slovenian government is out with a 10 year euro bond issue on Monday, which will be priced later today. Bankers away from the deal say the highly rated issuer is a good soft test of investor appetite for CEEMEA debt.
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The first green bond from a Slovenian borrower came to market this week. SID Bank will use the proceeds for green mortgages and financing low carbon aircraft.
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The Republic of Slovenia has priced the flotation of Nova Ljubljanska Banka at a final offer price which values the bank at €1bn, fulfilling a commitment to privatise the bank before the end of the year.
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Two listings from Slovenia and Belarus are due to close this week and the sellers are hopeful of getting the deals across the line, despite market challenges.
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Nova Ljubljanska Banka (NLB), the largest bank in Slovenia, has fixed the price range for its €734m IPO in London and Ljubljana, after a positive response from investors during pre-marketing.
