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Finance Ministry plans to sell state debt to public

SLOVAK citizens will be able to buy state debt in 2005, under the Finance Ministry’s plans to issue state bonds worth Sk5-10 billion (€125-250 million) for public purchase.

The bonds will be issued in volumes of Sk10,000 (€248) and Sk50,000 (€1,239), the news agency TASR wrote. They will have fixed coupons and a maturity of five years with yields expected to compare to those of similar securities, around 4.6 - 4.8 percent per year.

The issuing of the bonds will be overseen by a brokerage selected via tender. Since the bonds will be tradable on the Bratislava bourse, owners will be able to sell them at any time.

The Ministry expects that this issue will reduce the cost of state debt by between 0.3 and 0.5 percent per year, according to the recently published budget proposal for public administration for the years 2005 to 2007.

A similar issue of bonds in 1998 had a volume of Sk2 billion (€50 million), and was used in part to refinance debt incurred by highway construction.

Compiled by Marta Ďurianová from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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