Chicago, March 7 – Montenegro, acting through its Ministry of Finance, priced its first dollar bond offering on Wednesday, according to details provided by a market source.
The issuer priced $750 million of 7¼% seven-year notes at par (B1/B), or at Treasuries plus 312.5 basis points.
As books opened, initial talk was in the 7¾% area. Guidance tightened to 7¼% to 7 3/8% during pricing, before the coupon was set at the low end of guidance.
Societe Generale (billing and delivery), BofA Securities, Citi and Erste Group were the bookrunners.
Proceeds will be used for the creation of fiscal reserves for financing the 2024 budget and for debt refinancing.
The deal will be listed in London.
| Issuer: | Montenegro
|
| Amount: | $750 million
|
| Issue: | Global notes
|
| Maturity: | March 12, 2031
|
| Bookrunners: | Societe Generale (billing and delivery), BofA Securities, Citi and Erste Group
|
| Coupon: | 7¼%
|
| Price: | Par
|
| Yield: | 7¼%
|
| Spread: | Treasuries plus 312.5 bps
|
| Trade date: | March 6
|
| Settlement date: | March 12
|
| Ratings: | Moody’s: B1
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7¾% area; revised to 7¼% to 7 3/8%
|
| ISIN: | XS2779850630, US857305AA45
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