Published on 11/24/2020 in the Prospect News Emerging Markets Daily.
New Issue: Serbia prices $1.2 billion of 2 1/8% notes due 2030 to yield 2.35%
By Rebecca Melvin
New York, Nov. 24 – The Republic of Serbia priced $1.2 billion 2 1/8% 10-year senior notes at 98.005 to yield 2.35%, or a spread of 150 basis points over U.S. Treasuries, on Tuesday, according to a market source.
BNP Paribas, Deutsche Bank, JPMorgan and UniCredit were joint bookrunners of the Rule 144A and Regulation S deal.
The proceeds are being used to fund a concurrent tender offer of the sovereign’s 7¼% notes due 2021, of which $1.6 billion is outstanding. Any remaining proceeds will be used to fund a budget deficit.
| Issuer: | Republic of Serbia
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| Issue: | Senior notes
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| Amount: | $1.2 billion
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| Maturity: | Dec. 1, 2030
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| Managers: | BNP Paribas, Deutsche Bank, JPMorgan and UniCredit
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| Coupon: | 2 1/8%
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| Price: | 98.005
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| Yield: | 2.35%
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| Spread: | Treasuries plus 150 bps
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| Pricing date: | Nov. 24
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| Settlement date: | Dec. 1
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| Distribution: | Rule 144A and Regulation S
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