Published on 4/20/2021 in the Prospect News Emerging Markets Daily.
New Issue: Colombia prices $3 billion of global bonds due 2032, 2042
By Rebecca Melvin
Concord, N.H., April 20 – The Republic of Colombia priced $3 billion of new global bonds due 2032 and 2042 (expected ratings: Baa2/BBB-/BBB-), according to FWP filings with the Securities and Exchange Commission.
The $2 billion of 3.25% bonds due 2032 priced at 99.032 to yield 3.356%, or a spread of Treasuries plus 175 basis points. Prior to Jan. 22, 2032 the notes have a make-whole call at Treasuries plus 30 bps, then they are callable at par.
The $1 billion of 4.125% bonds due 2042 priced at 98.492 to yield 4.235%, or a spread of Treasuries plus 205 bps. Prior to Aug. 22, 2041 the bonds are redeemable at par plus a premium of Treasuries plus 35 bps, then they are callable at par.
BofA Securities Inc., Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC. were joint bookrunning managers of the SEC-registered deal.
| Issuer: | Republic of Colombia
|
| Amount: | $3 billion
|
| Description: | Global bonds
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| Bookrunners: | BofA Securities Inc., Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC
|
| Trade date: | April 19
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| Settlement date: | April 22
|
| Expected ratings: | Moody’s: Baa2
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
|
|
| 2032 bonds
|
| Amount: | $2 billion
|
| Maturity: | April 22, 2032
|
| Coupon: | 3¼%
|
| Price: | 99.032
|
| Yield: | 3.356%
|
| Spread: | 175 bps over U.S. Treasuries
|
| Call features: | Make-whole call at Treasuries plus 30 bps prior to Jan. 22, 2032, then callable at par
|
|
|
| 2042 bonds
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| Amount: | $1 billion
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| Maturity: | Feb. 22, 2042
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| Coupon: | 4 1/8%
|
| Price: | 98.492
|
| Yield: | 4.235%
|
| Spread: | 205 bps over U.S. Treasuries
|
| Call features: | Make-whole call at Treasuries plus 35 bps prior to Aug. 22, 2041, then callable at par
|
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