Black Sea Trade launches $400 million five-year notes to yield mid-swaps plus 175 bps

By Rebecca Melvin

New York, June 19 – Greece’s Black Sea Trade and Development Bank launched $400 million of five-year notes (expected ratings: A2/A-) on Wednesday at a yield spread of 175 basis points over mid-swaps, according to a market source. Final terms are expected to be set later in the session.

Pricing was tightened from talk for yield of mid-swaps plus the low 200 bps.

The order books for the deal exceeded $1 billion during marketing.

HSBC, JPMorgan and Societe General are joint lead managers for the Rule 144A and Regulation S deal.

The company is a financial and development institution based in Thessaloniki.

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