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Slovakia prepares new bond issue

SLOVAKIA is preparing for a new issue of bonds, authorities confirmed on November 7 following unofficial information that emerged over the previous days. The government’s Debt and Liquidity Management Agency (ARDAL) reported that it entrusted three banks with managing the bond issue, the SITA newswire reported.

SLOVAKIA is preparing for a new issue of bonds, authorities confirmed on November 7 following unofficial information that emerged over the previous days. The government’s Debt and Liquidity Management Agency (ARDAL) reported that it entrusted three banks with managing the bond issue, the SITA newswire reported.

“The Slovak Republic, acting through the Ministry of Finance and represented by the Debt and Liquidity Management Agency, gave a mandate to SG CIB, Slovenská Sporiteľňa (Erste Group) and UniCredit as leading co-managers of a new benchmark government bond issue denominated in euros,” said Juraj Pekár of the debt management department at ARDAL as quoted by SITA. He said the transaction will take place in the near future depending on current market conditions.

According to market sources cited by Reuters, the purpose of the bond will be to stockpile cash for debt servicing in 2013. A government source told Reuters that the country is considering issuing new bonds through a syndicate by the end of this year, even though Slovakia has already borrowed the €7.5 billion it needs to finance its debt this year in the course of previous months. The bonds should reach maturity in at least five years.

Slovakia last entered international markets in May of this year when it sold 10-year government bonds for $1.5 billion on the US market. It last sold securities on the European market through a syndicate in January of this year. Investors then bought Slovak 5-year bonds for €1 billion, according to SITA.

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