Chicago, Jan. 24 – The Republic of Cote d’Ivoire priced $2.6 billion of notes (Ba3/BB-/BB-) in two parts on Tuesday, a sellside source reported.
The deal included $1.1 billion of 7 5/8% senior sustainability notes due 2033 that priced at 98.473 to yield 7 7/8%. The spread was 375.7 basis points over the benchmark Treasury. Initial talk was in the 8 3/8% area with revised guidance of 8% to 8 1/8%.
The second tranche priced as $1.5 billion of 8¼% senior notes due 2037. The tranche priced with a 98.099 discount to yield 8½%, or at Treasuries plus 434.9 bps. Talk started in the 8 7/8% area with guidance at 8½% to 8 5/8%.
The Rule 144A and Regulation S notes were sold by joint lead managers Standard Chartered Bank (billing and delivery), BNP Paribas, Citi, Deutsche Bank, JPMorgan and Societe Generale.
The combined book was over $8 billion, with investors interested nearly equally in both tranches.
The republic is concurrently conducting tender offers for two series of existing notes, a series of euro-denominated notes due 2025 and a series of dollar-denominated bonds due 2032. The offers are conditioned on the new financing.
Proceeds from the first tranche will be used for eligible sustainable expenditures. Proceeds from the second tranche will be used to fund the tender offer and for general budgetary purposes.
The notes will be listed in London.
| Issuer: | Republic of Cote d’Ivoire
|
| Amount: | $2.6 billion
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| Bookrunners: | Standard Chartered Bank (billing and delivery), BNP Paribas, Citi, Deutsche Bank, JPMorgan and Societe Generale
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| Trade date: | Jan. 23
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| Settlement date: | Jan. 30
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| Ratings: | Moody’s: Ba3
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| S&P: BB-
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Investor call
|
|
|
| Notes due 2033
|
| Amount: | $1.1 billion
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| Issue: | Senior sustainability amortizing bonds
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| Maturity: | Jan. 30, 2033
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| Coupon: | 7 5/8%
|
| Price: | 98.473
|
| Yield: | 7 7/8%
|
| Spread: | Treasuries plus 375.7 bps
|
| Price talk: | 8 3/8% area; guided to 8% to 8 1/8%
|
| ISIN: | XS2752065040, US221625AT38
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|
|
| Notes due 2037
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| Amount: | $1.5 billion
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| Issue: | Senior amortizing bonds
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| Maturity: | Jan. 30, 2037
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| Coupon: | 8¼%
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| Price: | 98.099
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| Yield: | 8½%
|
| Spread: | Treasuries plus 434.9 bps
|
| Price talk: | 8 7/8% area; guided to 8½% to 8 5/8%
|
| Cusip: | XS2752065479, US221625AU01
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