New Issue: Fiji sells $150 million five-year bonds to yield 7%

By Paul A. Harris

St. Louis, Sept. 6 - The Republic of the Fiji Islands completed its debut global bond issue, a $150 million offering of 6 7/8% five-year notes (Ba2/BB-) that priced at 99.48 to yield 7%, on Wednesday, according to a market source.

The yield came 12.5 basis points inside of the 7¼% area price talk.

JP Morgan was the bookrunner for the Regulation S transaction.

Issuer:	Republic of the Fiji Islands
Issue:	Bonds
Amount:	$150 million
Maturity:	Sept. 13, 2011
Bookrunner:	JP Morgan
Coupon:	6 7/8%
Price:	99.48
Yield:	7%
Spread:	225 bps
Trade date:	Sept. 6
Settlement date:	Sept. 13
Ratings:	Moody's: Ba2
	Standard & Poor's: BB-
Distribution:	Regulation S
Price talk:	7¼% area

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