27. 4. 2017Ljubljana, 27th April 2017 - Slovenia welcomes the decision of the European Court of Human Rights (ECtHR) issued today in the case Hodžić v. Slovenia. After examining the measures adopted by Slovenia for the implementation of the pilot judgement in the Ališić case regarding LB foreign-currency deposits, the ECHR held that Slovenia fully and properly executes the judgement.
In its decision, delivered today, the ECtHR stated that Slovenia fully complies with the obligations imposed by the judgement. The ECtHR thoroughly reviewed the Slovenian legal basis and the verification scheme set up by Slovenia, comparing the procedure and conditions for the repayment of old foreign-currency deposits with the requirements of the judgement. The implementation was assessed using the criteria set out in the provisions of the judgement and the ECtHR's case-law. The ECtHR applied the principles of subsidiarity and the margin of appreciation which allows countries executing international courts’ judgements a certain room for manoeuvre to effectively remedy the violations of human rights.
On the basis of this analysis and the above mentioned principles, the ECtHR held that Slovenia has fully and properly executed the judgement in the Ališić case, touching in particular on the interest rates provided by the Slovenian act. Although these are inferior to those applied to Slovenian savers, the Court emphasised that they are set correctly. Stating that Mr. Hodžić has the possibility of claiming the repayment of his foreign-currency deposit with the Succession Fund of the Republic of Slovenia, the ECtHR declared his application inadmissible.
Dr Ana Polak Petrič, High Representative for Succession Issues of the Republic of Slovenia: "With its decision in the Hodžić case, the ECtHR welcomed the provided redress of violation of the right to property for savers of LB branches in Croatia and Bosnia and Herzegovina. However, we wish to stress that the question of the division of guarantees for foreign currency deposits in SFRY banks remains outstanding and the successor states are yet to find common ground on the basis of the Agreement on Succession Issues. Slovenia will also continue to devote all efforts to achieve a favourable outcome in the inter-state procedure against Croatia before the ECtHR related to LB claims towards Croatian companies."
In the past, Slovenia was among countries with a high number of cases pending before the ECtHR. In 2016, considerable progress was already made concerning the execution of judgements, particularly as to the remedy of systemic shortcomings like in the cases of Kurić ("the erased") and Lukenda (court backlogs). Slovenia expects that the positive assessment in today's decision will lead to “strike out” of several hundred applications that have been adjourned following the Ališić pilot case. This will further improve the reputation of Slovenia as a credible partner in the international community.
In July 2014, the Grand Chamber delivered a pilot judgement in the Ališić case concerning a case brought before the ECtHR in 2005 against all SFRY successor states by three applicants alleging their inability to recover their foreign-currency savings deposited with the former LB Sarajevo branch and the Tuzla branch of Investbanka from Belgrade. The Grand Chamber considered the case only in terms of human rights violations and not in terms of the responsibility to provide guarantees for foreign-currency deposits in accordance with the Agreement on Succession Issues, and it held that Slovenia and Serbia violated the applicants' right to the protection of property and the right to an effective remedy (as well as of all others in their position).
The ECtHR decided that Slovenia and Serbia must adopt necessary measures to allow the applicants and all others in their position to recover their old foreign-currency savings under the same conditions as the savers who had such savings reimbursed in domestic branches of the banks. Until the final decision on the execution of the pilot judgement, the examination of similar cases had been adjourned.
Although it disagrees with the judgement claiming it imposes a disproportionate financial burden on Slovenia compared to other successor states, Slovenia respects the decision of the ECtHR and duly fulfils its obligations.
By adopting the Act Regulating the Enforcement of the ECtHR Judgement in Case of Ališić in 2015, Slovenia respected the deadline set by the ECtHR and established, in due time, the legal basis for the verification and the repayment of old foreign-currency deposits to savers of LB Zagreb Main Branch and the former Sarajevo Main Branch.
In accordance with the act, the verification procedures are managed by the Succession Fund of the Republic of Slovenia which started to process the received verification claims for the repayment of deposits in December 2015 (the submission of claims started as of 1 December 2015), and the claims may be filed until 31 December 2017. The processing of claims of the Zagreb branch savers started immediately, while the claims of the former Sarajevo branch savers started only in October 2016 due to difficulties in accessing documents from the archives of Bosnia and Herzegovina.
Thus far, the Fund has received over 30,700 claims for the verification of unpaid deposits; over 16,100 refer to the Zagreb Main Branch, and over 14,600 to the Sarajevo Main Branch. To this day, over 19,600 final decisions have been issued, and 15,800 beneficiaries have been paid a total of over EUR 164,7 million; over EUR 128,2 million were reimbursed to the 12,400 beneficiaries of the Zagreb branch, and over EUR 36,5 million to the 3,400 beneficiaries of the Sarajevo branch. Appeals against the Fund’s informative calculations have been filed in as little as 0.8% of cases.
Public relations officeMore »Photo: Bigstock
14. 4. 2017Further to the agreement ...
1. 3. 2017
US$ 597,596,000 Tender of Outstanding US$ 1,296,202,000 5.500% Notes due 2022, US$ 1,432,571,000 5.850% Notes due 2023 and US$ 1,403,215,000 5.25% Notes due 2024 and € 800 mio Reop of the Outstanding 1.25% Notes due 2027 and € 500 mio 1.75% Notes due 2040Ljubljana, 1 March 2017 - On Tuesday 21st of February 2017, the Republic of Slovenia (the “Republic”) rated Baa3 (positive) /A (positive) /A- (stable) (Moody’s/S&P/Fitch) announced a modified Dutch auction (“MDA”), offering to purchase for cash up to US$750m of its outstanding debt. At the same time, the Republic announced a potential EUR new issue to follow subject to market conditions. The MDA targeted the Republic’s US$ 1,296.202m 5.500% notes due 2022, US$ 1,432.571m 5.850% Notes due 2023 and US$ 1,403.215m 5.250% Notes due 2024 (the same notes tendered in May 2016, Aug 2016 and Oct 2016). The offer was announced as part of the Republic’s effective debt management strategy aimed at optimizing its cost of debt and providing liquidity to accepted holders.
As at the Expiration Deadline of 17:00 CET on 28 February 2017, the Republic received valid tenders for purchase of US$ 1,020,948,000 in aggregate nominal amount across the 3 notes. In line with its effective government debt management objective, the Republic purchased US$ 597,596,000 in aggregate nominal amount of the Notes (the “Final Acceptance Amount”), with tender pricing at approximately 14:30 CET on 1 March 2017. No scaling factor was applied.
TENDER OFFER TERMS AND RESULTS
2022 Notes Clearing Spread
Reference U.S. Treasury Rate
2022 Notes Purchase Yield
2022 Notes Purchase Price
Series Acceptance Amount
125 basis points
2023 Notes Clearing Spread
Reference U.S. Treasury Rate
2023 Notes Purchase Yield
2023 Notes Purchase Price
Series Acceptance Amount
120 basis points
2024 Notes Clearing Spread
Reference_U.S. Treasury Rate
2024 Notes Purchase Yield
2024 Notes Purchase Price
Series Acceptance Amount
95 basis points
On Tuesday 28th of February 2017, the Republic announced the mandate for increases of the outstanding 1.250% notes due 22 March 2027 and the outstanding 1.750% notes due 3 November 2040 Regulation S transactions in dematerialized registered form. Initial Price Thoughts were announced on Wednesday 1st of March at approximately 10:00 CET at mid-swaps + low 90s bps area for reopening of March 2027 notes and mid-swaps +123bps area for reopening of November 2040 notes. Strong orderbook momentum and presence of real money investors allowed the issuer to release price guidance at mid-swaps +90bps area for March 2027 notes and mid-swaps +120bps area for November 2040 notes at approximately 11:45 CET. At approximately 13:15 CET, the combined orderbook reached EUR 3bn including EUR720m Joint Lead Manager interest at which point the Republic set the spread at mid-swaps +86bps for March 2027 notes and mid-swaps +117bps for November 2040 notes. Final terms were released at approximately 15:15 CET with the sizes set at EUR 800m for March 2027 notes and EUR 500m for November 2040 notes. The transaction was successfully priced at approximately 18:00 CET with total combined demand at approximately EUR 3.2bn including EUR 720m Joint Lead Manager interest with more than 160 accounts involved. This deal marked the Republic’s fourth consecutive successful USD tender offer funded by EUR new issuance and allowed Slovenia to achieve its strategic goals of extending the overall duration of its debt stockpile and increasing the liquidity of its outstanding bonds at attractive all-in yields. Barclays, BNP Paribas, Deutsche Bank, Goldman Sachs International Bank and Societe Generale CIB jointly led tender offer and reopening transactions. The above transactions follow the successful US$ 854,764,000 Debt Buyback and EUR 1bn 24-year benchmark issuance that the Republic executed in October 2016. REPUBLIC OF SLOVENIA EUR 800M REOPENING OF THE OUTSTANDING 1.250% NOTES DUE 2027 AND EUR 500M REOPENING OF THE OUTSTANDING 1.750% NOTES DUE 2040:
Baa3 (positive) / A (positive) / A- (stable)
1 March 2017
8 March 2017
Reopening of March 2027 Notes
Reopening of November 2040 Notes
22 March 2027
3 November 2040
Next Coupon Date:
22 March 2018
3 November 2017
Re-offer Spread vs. Mid-Swaps:
DBR 0.250% Feb 2027
DBR 4.750% Jul 2040
Re-offer Spread vs. Benchmark:
Joint Lead Managers:
Barclays, BNP Paribas, Deutsche Bank, Goldman Sachs International Bank and Societe Generale CIB
IMPORTANT NOTICE: THE INFORMATION HEREIN IS INDICATIVE ONLY. ALTHOUGH THE INFORMATION HEREIN IS REFLECTIVE OF THE TERMS OF THE SECURITIES CONTEMPLATED AS OF THE TIME OF THIS COMMUNICATION, THERE IS NO ASSURANCE THAT THE SECURITIES WILL ACTUALLY BE ISSUED. THE SECURITIES WILL BE ISSUED ON THE BASIS OF FINAL TERMS AND CONDITIONS THAT ARE EXPECTED TO BE DELIVERED TO INVESTORS PRIOR TO OR UPON SETTLEMENT. BEFORE MAKING ANY INVESTMENT DECISION AND ENTERING INTO ANY TRANSACTION IN RELATION TO THE SECURITIES, INVESTORS SHOULD TAKE STEPS TO ENSURE THAT THEY UNDERSTAND THE TRANSACTION AND HAVE MADE AN INDEPENDENT ASSESSMENT OF THE APPROPRIATENESS OF THE TRANSACTION IN THE LIGHT OF THEIR OWN OBJECTIVES. INVESTORS SHOULD MAKE SURE THAT THEY HAVE SUFFICIENT INFORMATION AVAILABLE IN RELATION TO THE REPUBLIC OF SLOVENIA BEFORE MAKING AN INVESTMENT IN THE SECURITIES. ANY DECISION TO PURCHASE ANY OF THE SECURITIES SHOULD ONLY BE MADE ON THE BASIS OF AN INDEPENDENT REVIEW BY A PROSPECTIVE INVESTOR OF THE ISSUER’S PUBLICLY AVAILABLE INFORMATION. NEITHER THE JOINT LEAD MANAGERS NOR ANY OF THEIR RESPECTIVE AFFILIATES ACCEPT ANY LIABILITY ARISING FROM THE USE OF, OR MAKE ANY REPRESENTATION AS TO THE ACCURACY OR COMPLETENESS OF, THIS DOCUMENT OR THE ISSUER’S PUBLICLY AVAILABLE INFORMATION. THE INFORMATION CONTAINED IN THIS DOCUMENT IS SUBJECT TO CHANGE WITHOUT NOTICE. NEITHER THIS ANNOUNCEMENT NOR ANY COPY OF IT MAY BE TAKEN OR TRANSMITTED, DIRECTLY OR INDIRECTLY, INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER OR INVITATION TO SELL, OR ANY SOLICITATION OF ANY OFFER TO PURCHASE OR SUBSCRIBE NOR SHALL IT (OR ANY PART OF IT) OR THE FACT OF ITS DISTRIBUTION, FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH, ANY CONTRACT THEREFORE. THE OFFER AND THE DISTRIBUTION OF THIS ANNOUNCEMENT AND OTHER INFORMATION IN CONNECTION WITH THE OFFER IN CERTAIN JURISDICTIONS MAY BE RESTRICTED BY LAW AND PERSONS INTO WHOSE POSSESSION ANY DOCUMENT OR OTHER INFORMATION REFERRED TO HEREIN COMES SHOULD INFORM THEMSELVES ABOUT AND OBSERVE ANY SUCH RESTRICTION. ANY FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF THE SECURITIES LAWS OF ANY SUCH JURISDICTION. THIS ANNOUNCEMENT IS NOT AN OFFER FOR SALE OF ANY SECURITIES IN THE UNITED STATES. SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933. THE ISSUER HAS NOT REGISTERED AND DOES NOT INTEND TO REGISTER ANY PORTION OF ANY OFFERING IN THE UNITED STATES OR TO CONDUCT A PUBLIC OFFERING OF ANY SECURITIES IN THE UNITED STATES AND WOULD ONLY DO SO BY MEANS OF A PROSPECTUS THAT MAY BE OBTAINED FROM THE ISSUER THAT WOULD CONTAIN DETAILED INFORMATION ABOUT THE REPUBLIC OF SLOVENIA. THIS ANNOUNCEMENT IS ADDRESSED TO AND DIRECTED AT PERSONS IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA THAT HAVE IMPLEMENTED DIRECTIVE 2003/71/EC, AS AMENDED (THE "PROSPECTUS DIRECTIVE") WHO ARE ''QUALIFIED INVESTORS'' WITHIN THE MEANING OF ARTICLE 2(1)(2) OF THE PROSPECTUS DIRECTIVE. IN ADDITION, THIS ANNOUNCEMENT IS DIRECTED SOLELY AT (I) PERSONS OUTSIDE THE UNITED KINGDOM; OR (II) "INVESTMENT PROFESSIONALS", AS SUCH TERM IS DEFINED IN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE ''ORDER''); OR (III) PERSONS FALLING WITHIN ARTICLE 49(2)(A) TO (D) (''HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS ETC'') OF THE ORDER; OR (IV) ANY OTHER PERSON TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED BY VIRTUE OF AN EXEMPTION TO SECTION 21(1) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 OR OTHERWISE IN CIRCUMSTANCES WHERE IT DOES NOT APPLY (ALL SUCH PERSONS IN (I)-(IV) ABOVE BEING ''RELEVANT PERSONS''). ANY INVESTMENT ACTIVITY TO WHICH THIS ANNOUNCEMENT RELATES WILL ONLY BE AVAILABLE TO AND WILL ONLY BE ENGAGED WITH RELEVANT PERSONS. ANY PERSON WHO IS NOT A RELEVANT PERSON SHOULD NOT ACT ON THIS ANNOUNCEMENT. A SECURITIES RATING IS NOT A RECOMMENDATION TO BUY, SELL OR HOLD SECURITIES AND MAY BE SUBJECT TO REVISION OR WITHDRAWAL AT ANY TIME.
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