Chicago, Jan. 19 – The Republic of Serbia priced $1.75 billion in a two-part bond sale on Thursday, according to a press release with additional details provided by a market source.
Serbia priced $750 million of 6¼% bonds due May 26, 2028 and $1 billion of 6½% bonds due Sept. 26, 2033.
BNP Paribas, BofA Securities, Citigroup, Deutsche Bank and JPMorgan are the bookrunners.
Demand was above $11 billion from 500 investors. There was roughly $1 billion more interest for the long 10-year tranche.
An investor call was held on Wednesday for the Rule 144A and Regulation S deal.
Listing will be in London.
Proceeds will be used to finance the budget deficit and refinance or repay outstanding debt.
| Issuer: | Republic of Serbia
|
| Amount: | $1.75 billion
|
| Issue: | Senior bonds
|
| Bookrunners: | BNP Paribas, BofA Securities, Citigroup, Deutsche Bank (billing and delivery) and JPMorgan
|
| Trade date: | Jan. 19
|
| Settlement date: | Jan. 26
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB+
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Investor call
|
|
|
| Long five-year bonds
|
| Amount: | $750 million
|
| Maturity: | May 26, 2028
|
| Coupon: | 6¼%
|
| Price: | 99.627
|
| Yield: | 6.336%
|
| Spread: | Treasuries plus 285 bps
|
| Price talk: | Treasuries plus 330 bps area
|
| ISINs: | US817477AG78, XS2580269426
|
|
|
| Long 10-year bonds
|
| Amount: | $1 billion
|
| Maturity: | Sept. 26, 2033
|
| Coupon: | 6½%
|
| Price: | 97.703
|
| Yield: | 6.808%
|
| Spread: | Treasuries plus 340 bps
|
| Price talk: | Treasuries plus 385 bps area
|
| ISINs: | US817477AH51, XS2580270275
|
|
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