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Finance Ministry increases eurobond issue due to lower rates

The Slovak government's eurobond issue, originally set at 300 million euros on June 9 and then increased by 50 million, was increased to 400 million euros on June 18 as the Finance Ministry took advantage of lower spreads and strong interest on foreign markets.

Finance Ministry spokesman Peter Švec said that the structure of investors for the additional issue is almost the same as it was in the original issue of June 9. German investors bought as much as 42% of the last week's issue, while French and Swiss investors acquired 12% each. Investment funds took 72% of the issue, insurance companies 16% and small and medium-sized investors 12%.

Arrangers of Slovakia's eurobonds issue, Credit Suisse First Boston and JP Morgan, issued the additional 50 million euros on June 18 with a spread of 4.15 percentage points (415 basis points) over German Bunds, while in the original issue the spread was 4.2 percentage points over Bunds. Other issue terms remained unchanged.

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