By Marisa Wong
Los Angeles, Sept. 16 – Bulgaria, through its Minister of Finance, priced €2.25 billion of fixed-rate notes (Baa1//BBB) in two parts, according to a London Stock Exchange notice and a market source.
Bulgaria priced €1.5 billion of 4.346% seven-year notes at 98.69, with a spread of mid-swaps plus 185 basis points. Initial price talk was in the mid-swaps plus 200 bps area.
The second tranche consisted of €750 million of 4.823% 12-year notes priced at 98.227, with a spread of mid-swaps plus 225 bps. Initial price talk was in the mid-swaps plus 235 bps area.
Books totaled over €3.8 billion with a skew to the seven-year tranche.
J.P. Morgan SE, BNP, Citi and Unicredit acted as managers for the Regulation S benchmark offering.
| Issuer: | Bulgaria
|
| Amount: | €2.25 billion
|
| Issue: | Fixed-rate notes
|
| Managers: | J.P. Morgan SE (billing and delivery), BNP, Citi and Unicredit
|
| Announcement date: | Sept. 16
|
| Settlement date: | Sept. 23
|
| Listing: | Luxembourg
|
| Expected ratings: | Moody’s: Baa1
|
| Fitch: BBB
|
| Distribution: | Regulation S
|
|
|
| Seven-year notes
|
| Amount: | €1.5 billion
|
| Maturity: | Sept. 23, 2029
|
| Coupon: | 4.346%
|
| Price: | 98.69
|
| Spread: | Mid-swaps plus 185 bps
|
| Initial price talk: | Mid-swaps plus 200 bps area
|
|
|
| 12-year notes
|
| Amount: | €750 million
|
| Maturity: | Sept. 23, 2034
|
| Coupon: | 4.823%
|
| Price: | 98.227
|
| Spread: | Mid-swaps plus 225 bps
|
| Initial price talk: | Mid-swaps plus 235 bps area
|
|
|
|
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