By Christine Van Dusen
Atlanta, Nov. 5 - African Export-Import Bank priced $300 million of 8¾% bonds (//BBB-) due Nov. 13, 2014 at 98.521 to yield 9 1/8%, according to a London-based market source.
Commerzbank, HSBC and Mitsubishi are the bookrunners for the medium-term notes.
The spread is 679 bps over Treasuries.
"The deal launched and priced in the same day, so there wasn't time for price talk," the source said.
Afrexim Bank is a financial institution based in Cairo.
Issuer: | Afrexim Bank
|
Face amount: | $300 million
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Maturity: | Nov. 13, 2014
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Description: | Medium-term notes
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Bookrunners: | Commerzbank, HSBC, Mitsubishi
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Coupon: | 8 ¾%
|
Price: | 98.521
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Yield: | 9 1/8%
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Spread: | 679 bps over Treasuries
|
Trade date: | Nov. 5
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Settlement date: | Nov. 13
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Ratings: | Fitch: BBB-
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