By Reshmi Basu
New York, April 19 - The Republic of El Salvador retapped its 7.65% bonds due 2035 to add $400 million, according to a market source.
The tap, increased from $300 million, came at the tight end of price guidance. Guidance was set at 240 basis points to 242 basis points earlier Wednesday.
This brings the total size of the issue to $775 million.
On June 1, the El Salvador issued $375 million of the bonds (Baa3/BB+/BB+) at 99.474 with a 7.65% coupon to yield 7.695%, or 345 basis points over Treasuries.
| Issuer: | Republic of El Salvador
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| Issue: | Reopening of 7.65% sovereign bonds due 2035
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| Amount: | $400 million
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| Total amount: | $775 million
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| Maturity: | June 15, 2035
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| Coupon: | 7.65%
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| Spread: | Treasuries plus 240 basis points
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| Pricing date: | April 19
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| Bookrunners: | Citigroup, JP Morgan
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| Ratings: | Moody's: Baa3
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| Standard & Poor's: BB+
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| Fitch: BB+
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| Price guidance: | Treasuries plus 240 to 242 bps
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