Albania launches €500 million seven-year notes at 3.55% yield

By Rebecca Melvin

New York, Oct. 2 – The Republic of Albania, through its Minister of Finance and Economy, has launched an offering of €500 million seven-year notes (expected rating: B1/B+) for a yield of 3.55%, according to a syndicate source on Tuesday.

Pricing of the Rule 144A and Regulation S notes was tight compared to earlier guidance at 3.6% to 3.7% and from initial price talk in the area of 3¾%. Final pricing is expected later Tuesday.

Order books prior to launch were in excess of €1 billion.

Banca IMI, Citigroup and Societe Generale CIB are joint bookrunners of the deal, which is expected to settle on Oct. 9.

The sovereign issuer plans to use some proceeds to buy back up to €200 million principal amount of an outstanding €450 million of its 5¾% notes due 2020.

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