By Rebecca Melvin
New York, June 5 – The Republic of Estonia priced €1.5 billion of 1/8% 10-year notes (AA-) at 98.914 to yield 0.235%, or a yield spread of mid-swaps plus 30 basis points, according to a market source.
The deal priced on Wednesday and represented the first time the sovereign has been in the international bond market for 18 years, according to a second source.
Pricing was guided to yield mid-swaps plus 40 bps to 45 bps after initial talk for a yield of mid-swaps plus 55 bps to 60 bps.
Citigroup, Nordea and Societe Generale were the bookrunners of the Regulation S deal, which is expected to have been €1.25 billion in size.
The books at the time guidance was released had about €9 billion of orders.
| Issuer: | Estonia
|
| Amount: | €1.5 billion
|
| Maturity: | June 10, 2030
|
| Description: | Notes
|
| Bookrunners: | Citigroup, Nordea and Societe General
|
| Coupon: | 1/8%
|
| Price: | 98.914
|
| Yield: | 0.235%
|
| Spread: | Mid-swaps plus 30 bps
|
| Trade date: | June 3
|
| Settlement date: | June 10
|
| Rating: | S&P: AA-
|
| Distribution: | Regulation S
|
| Price talk: | Guided to mid-swaps plus 40-45 bps after initial talk of mid-swaps plus 55-60 bps
|
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