By Rebecca Melvin
New York, Oct. 3 – The Republic of Albania, through its Minister of Finance and Economy, priced €500 million of 3½% seven-year notes (B1/B+) at 99.695 for a yield of 3.55% on Tuesday, according to a market source.
Pricing of the Rule 144A and Regulation S notes was tight compared to guidance at 3.6% to 3.7% and from initial price talk in the area of 3¾%.
Order books prior to launch were in excess of €1 billion.
Banca IMI, Citigroup and Societe Generale CIB were joint bookrunners of the issue.
The sovereign issuer plans to use some proceeds to buy back up to €200 million principal amount of an outstanding €450 million of 5¾% notes due 2020.
| Issuer: | Albania
|
| Amount: | €500 million
|
| Maturity: | Oct. 9, 2025
|
| Description: | Notes
|
| Bookrunners: | Banca IMI, Citigroup and Societe Generale CIB
|
| Coupon: | 3½%
|
| Price: | 99.695
|
| Yield: | 3.55%
|
| Trade date: | Oct. 2
|
| Settlement date: | Oct. 9
|
| Ratings: | Moody’s B1
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Guided to 3.6%-3.7% from initial talk at 3¾% area
|
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