By Rebecca Melvin
New York, April 24 – The Republic of Cyprus priced a €1.25 billion dual-tranche offering of notes due December 2024 and May 2049 (Ba2/BBB-/BBB-) on Wednesday, according to a syndicate source.
The €500 million tranche of 5/8% long five-year notes priced at 99.738 to yield 0.673% or mid-swaps plus 60 basis points. That pricing was tight compared to guidance of the mid-swaps plus 65 bps area and initial price talk of mid-swaps plus 80 bps.
The €750 million tranche of 2¾% 30-year notes priced at 98.298 to yield 2.835%, or a spread of mid-swaps plus 175 bps, which was tight compared to guidance in the area of mid-swaps plus 185 bps and initial talk of mid-swaps plus 200 bps.
Combined order books at the time of the launch stood at more than €10.8 billion.
Barclays, Deutsche Bank Securities Inc., Goldman Sachs International (billing and delivery), J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Societe Generale are bookrunners of the Regulation S-only notes.
| Issuer: | Cyprus
|
| Description: | Notes
|
| Total amount: | €1.25 billion
|
| Bookrunners: | Barclays, Deutsche Bank Securities Inc., Goldman Sachs International (billing and delivery), J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Societe Generale
|
| Pricing date: | April 24
|
| Settlement date: | May 3
|
| Expected ratings: | Moody’s: Ba2
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | Regulation S
|
|
|
| 2024 notes
|
| Amount: | €500 million
|
| Maturity: | Dec. 3, 2024
|
| Coupon: | 5/8%
|
| Price: | 99.738
|
| Yield: | 0.673%
|
| Spread: | 60 bps over mid-swaps
|
| Price talk: | Guided to 65 bps area from initial talk of mid-swaps plus 80 bps
|
|
|
| 2049 notes
|
| Amount: | €750 million
|
| Maturity: | May 3, 2049
|
| Coupon: | 2 ¾%
|
| Price: | 98.298
|
| Yield: | 2.835%
|
| Spread: | Mid-swaps plus 175 bps
|
| Price talk: | Guided to mid-swaps plus 185 bps area from initial talk at mid-swaps plus 200 bps
|
|
|
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