By Rebecca Melvin
New York, Sept. 16 – Bulgaria priced €2.5 billion of notes in dual tranches due 2030 and 2050 (Baa2//BBB), according to a market source on Wednesday.
A €1.25 billion tranche of 3/8% notes due 2030 priced to yield 0.389%, or mid-swaps plus 60 basis points. And a €1.25 billion tranche of 1 3/8% notes due 2050 priced to yield 1.476%, or mid-swaps plus 145 bps.
The pricing was tight compared to guidance of mid-swaps plus 75 bps area and initial price talk of mid-swaps plus 95 bps area for the 10-year notes, and guidance in the mid-swaps plus 160 bps area and initial talk of mid-swaps plus 175 bps to 180 bps for the 30-year notes.
The combined order book at the time guidance was released was more than €7.2 billion, skewed to the 10-year notes.
Citigroup, BNP Paribas, JPMorgan and UniCredit were the bookrunners for the Regulation S deal.
| Issuer: | Bulgaria
|
| Amount: | €2.5 billion
|
| Description: | Notes
|
| Bookrunners: | Citigroup, BNP Paribas, JPMorgan and UniCredit
|
| Trade date: | Sept. 16
|
| Settlement date: | Sept. 23
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
| Distribution: | Regulation S
|
|
|
| 2030 notes
|
| Amount: | €1.25 billion
|
| Maturity: | Sept. 23, 2030
|
| Coupon: | 3/8%
|
| Yield: | 0.389%
|
| Spread: | Mid-swaps plus 60 bps
|
| Price talk: | Guided to mid-swaps plus 75 bps area and initial price talk in the mid-swaps plus 175 bps area
|
|
|
| 2050 notes
|
| Amount: | €1.25 billion
|
| Maturity: | Sept. 23, 2050
|
| Coupon: | 1 3/8%
|
| Yield: | 1.476%
|
| Spread: | Mid-swaps plus 145 bps
|
| Price talk: | Guided to mid-swaps plus 160 bps area and initial price talk of mid-swaps plus 175-180 bps
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
