Slovakia will reduce the sum it plans to raise in the sale of a fifteen-year syndicated bond, the Bloomberg agency wrote saying the reason, according to Daniel Bytčánek, the head of the Finance Ministry's Debt and Liquidity Management Agency (ARDAL), is that the country does not need to borrow as much to finance its debt, the SITA newswire reported.
The agency now plans to raise €1 billion from the bond sale in October. It had originally planned to get up to €1.5 billion from the sale of 15-year bonds, which is the same amount sold in April in a ten-year syndicated bond.
The specific timing of the bond's issue will depend on the conditions of the market, added Bytčánek. Slovakia still has to obtain approximately €2.8 billion to refinance its debt and secure liquidity this year.
"We are not under pressure to obtain funds. If we were, we would opt for a shorter maturity, where a higher demand can be expected. We will be content with €1 billion," Bytčánek said, as quoted by the SITA newswire. He added that the agency prefers extension of the debt's maturity and will focus on smaller volumes, where the demand "will be not exaggerated".
Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.
14. Sep 2010 at 14:00