By Mary-Katherine Stinson
Lexington, Ky., Nov. 18 The Republic of Lithuania sold a 300 million add-on to its 2 1/8% senior notes due June 1, 2032 and a new issue of 900 million of 4 1/8% senior notes due April 25, 2028 (A2/A+/A), according to final terms pricing supplements.
The add-on, identified as series 13 tranche 3, priced at 81.705 to yield 4.514%, or at Bunds plus 231.4 basis points. Alternatively, the spread was 135 bps to mid-swaps.
They are to be consolidated and form a single series with the 650 million of 2 1/8%. notes issued on June 1, 2022 and 20 million tap from Sept. 12 for a total issue size of 970 million.
The new 5.5-year eurobonds, identified as series 13 tranche 1, priced at 99.261 to yield 4.283%, or 225.7 bps over Bunds. The issuer recorded the spread as 120 bps to mid-swaps.
Both series of notes are non-callable.
As interest rates continued to rise, Lithuania took advantage of the temporarily stable situation in the financial markets and completed this year's foreign borrowing program. We planned to borrow up to 1.25 billion, since the demand was strong for issues of both durations, we borrowed 1.2 billion, said Lithuanias vice-minister of finance Gediminas Norkunas in a press release.
Deutsche Bank and J.P. Morgan were lead managers.
| Issuer: | Lithuania
|
| Amount: | 1.2 billion
|
| Issue: | Senior notes
|
| Bookrunners: | Deutsche Bank AG and J.P. Morgan
|
| Call features: | Non-callable
|
| Pricing date: | Oct. 18
|
| Settlement date: | Oct. 25
|
| Ratings: | Moodys: A2
|
| S&P: A+
|
| Fitch: A
|
| Distribution: | Regulation S
|
|
|
| 2032 add-on
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| Amount: | 300 million
|
| Maturity: | June 1, 2032
|
| Coupon: | 2 1/8%
|
| Price: | 81.705
|
| Yield: | 4.514%
|
| Spread: | Mid-swaps plus 135 bps, or Bunds plus 225.75 bps
|
| ISIN: | XS2487342649
|
| Total size: | 970 million with 650 million issued on June 1 and 20 million issued on Sept. 12
|
|
|
| 2028 notes
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| Amount: | 900 million
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| Maturity: | April 25, 2028
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| Coupon: | 4 1/8%
|
| Price: | 99.261
|
| Yield: | 4.283%
|
| Spread: | Mid-swaps plus 120 bps, or Bunds plus 225.75 bps
|
| ISIN: | XS2547270756
|
|
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