By Reshmi Basu
New York, July 13 - The Republic of El Salvador retapped its 7.65% bonds due 2035 to add $225 million, according to a market source.
The retap priced at 96.71 to yield 7.941%, or a spread of 275 basis points more than Treasuries.
Citigroup and JP Morgan ran the Rule 144A and Regulation S drive-by deal.
The additional bonds bring the total size of the issue to $1 billion.
On June 1, 2005, El Salvador issued $375 million of the original bonds at 99.474 to yield 7.695%, or 345 basis points over Treasuries. On April 19, the country reopened the bonds to add $400 million.
| Issuer: | Republic of El Salvador
|
| Issue: | Reopening of 7.65% sovereign bonds due 2035
|
| Amount: | $225 million
|
| Total amount: | $1 billion
|
| Maturity: | June 15, 2035
|
| Coupon: | 7.65%
|
| Issue price: | 96.71
|
| Yield: | 7.941%
|
| Spread: | Treasuries plus 275 basis points
|
| Bookrunners: | Citigroup, JP Morgan
|
| Pricing date: | July 13
|
| Settlement date: | July 20
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BB+
|
| Fitch: BB+
|
| Price guidance: | Treasuries plus 275 basis points
|
| Distribution: | Rule 144A and Regulation S
|
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