While economic clouds have assumed a holding pattern across most of central and eastern Europe, sunlight of a kind is still visible over Slovenia. So when the country came to market with its latest benchmark bond, it had little difficulty in finding buyers.
Slovenia was always the most prosperous of the old Yugoslav republics and, while 2009 was not the greatest year for its economy and public finances, it bore favourable comparison with most of its neighbours. The country's budget deficit was 5.5% of gross domestic product (GDP), which was lower than the original official expectation of 6%). The ratio of public debt to GDP worsened to 35% from 22% the year before, but remained at a level of indebtedness that many other countries would welcome.