New government bonds

Tue, 02/01/2018

The Debt and Liquidity Management Agency ARDAL plans new issues of T-bills in 2018. By Maria Gelingerova, Relationship Manager, GSS Slovakia


New issues of government fixed income securities will be available for investors in 2018. The Slovak gross funding needs (covering both redemptions of government bonds and treasury bills and state budget deficit, including government loans) will reach EUR 4.5 billion in 2018. This amount is based on the Act on the State Budget for 2018 and is in line with the Act on State Debt and Guarantees.

ARDAL intends to open one or two new issues of government bonds via syndicated sale or auction in 2018:

  • a new issue amounting to EUR 3 billion in the spring of 2018, with maturity according to market conditions (10-12 years)
  • a new issue amounting to between EUR 1.5 billion and EUR 3 billion in the autumn of 2018, with maturity according to market conditions (short to medium tenor)

The above will be opened depending on the market conditions and investor demand. The total expected maximum amount to be sold via a syndicated sale is EUR 2 billion, regardless of the number of transactions. Other issues may also be opened based on debt management requirements and on investor demand.

In 2018 ARDAL is also planning to issue a new T-bill in the amount of EUR 1.5 billion. The expectation is that it would be sold through several (between 2 and 4) competitive auctions.