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Slovakia successfully borrows €1 billion

Slovakia successfully sold €1 billion in bonds on May 23 via the sale of a new issue of 5.5-year paper, the TASR newswire reported, citing Juraj Pekar of the Agency for Controlling Debt and Liquidity (ARDAL).

Slovakia successfully sold €1 billion in bonds on May 23 via the sale of a new issue of 5.5-year paper, the TASR newswire reported, citing Juraj Pekar of the Agency for Controlling Debt and Liquidity (ARDAL).

Overall demand reached €2.81 billion; the bonds will be issued on May 28 and are repayable on November 28, 2018. The annual interest yield was set at 1.5 percent, fixed for the full term of the bonds.

This means the bond in question is the cheapest in Slovak history, said Finance Ministry spokesperson Radko Kuruc, as quoted by TASR.

“It represents an expression of trust from financial markets and confirmation that the public finance consolidation is going in the right direction,” Kuruc said.

Slovakia has an 'A2' rating with negative outlook from Moody's, an 'A' rating with stable outlook from Standard & Poor's and, an 'A+' rating with stable outlook from Fitch.

Source: TASR

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