International Presence and Activities
Source: Bloomberg, Ardal
...WHICH IS APPRECIATED BY INVESTORS
Slovakia is an A-rated country and one of the
most interconnected economies in the Eurozone
ā In 2018, Slovak government was the first in CEE
to successfully issue a 50-year bond
ā Slovak yields copy German with a tight spread,
which rose only temporarily amidst COVID-19
uncertainty in the Spring 2020
Most recent rating action was by S&P, which on
January 23, 2021 improved the outlook on the
A+ Slovak sovereign from negative to stable
Evolution of Slovakia's rating
1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
-0.5%
-1.0%
-1.5%
2017
2018
Yields development
(10y maturity, % p.a.)
Slovakia
Germany
spread (rhs)
2019
Yields in comparison
(10y maturity, % p.a., as of February 24, 2021)
A+
3.0%
2.5%
A
2.0%
A-
1.5%
BBB+
1.0%
S&P
BBB
0.5%
-Moody's
0.0%
BBB-
Fitch
-0.5%
-0.2%
BB+
BB
BB-
Germany
Netherlands
Slovakia
Finland
Belgium
Austria
France
Lithuania
Ireland
Slovenia
Latvia
Portugal
Cyprus
Spain
Italy
Poland
Czechia
Hungary
2020
2021
140
130
120
110
100
90
70
50
40
30
OBRE 20View entire presentation