Estonia sets spread on 10-year notes at mid-swaps plus 30 bps

By Rebecca Melvin

New York, June 3 – The Republic of Estonia set the yield spread on its planned euro-denominated benchmark of 10-year notes at mid-swaps plus 30 basis points, according to a syndicate source on Wednesday.

The Regulation S deal, for which final pricing was expected later in the session, was guided to a yield of mid-swaps plus 40 bps to 45 bps after initial talk for yield of mid-swaps plus 55 bps to 60 bps.

Citigroup, Nordea and Societe Generale are bookrunners of the deal, which is expected to have a deal size of €1.25 billion.

The books at the time guidance was released had about €9 billion of orders.

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