By Rebecca Melvin
New York, Dec. 11 – The State of Montenegro, acting through its Ministry of Finance, priced €750 million 2 7/8% seven-year notes (B1/B+) at 99.532 to yield 2.95% on Wednesday, according to a syndicate source.
The pricing was tightened from guidance of 3% to 3 1/8% yield and from initial talk in the 3 3/8% area.
Citigroup Global Markets Ltd., Erste Group Bank AG, Merrill Lynch International and Societe Generale CIB were the bookrunners for the Rule 144A and Regulation S notes.
The order book for the new notes at the time guidance was released was above €2 billion.
| Issuer: | Montenegro
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| Issue: | Senior notes
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| Amount: | €750 million
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| Maturity: | Dec. 16, 2027
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| Bookrunners: | Citigroup Global Markets Ltd., Erste Group Bank AG, Merrill Lynch International and Societe Generale CIB
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| Coupon: | 2 7/8%
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| Price: | 99.532
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| Yield: | 2.95%
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| Pricing date: | Dec. 9
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| Settlement date: | Dec. 16
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| Ratings: | Moody’s: B1
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| S&P’s: B+
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | Guided to 3% to 3 1/8%, from initial talk of 3 3/8% area
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