By Andrea Heisinger
New York, June 9 - The Republic of Iceland priced $1 billion of 4.875% five-year notes on Thursday to yield mid-swaps plus 320 basis points, a market source said.
The sovereign has not sold bonds for "several years," one syndicate source said. The sale was roughly two times oversubscribed, the market source said.
The notes (Baa3/BBB-/BB+) priced at 99.484 to yield 4.993%. They priced at the tight end of guidance given Wednesday in the mid-swaps plus 325 bps area.
The notes are non-callable.
The sale was done under Rule 144A and Regulation S.
Barclays Capital Inc., Citigroup Global Markets Inc. and UBS Securities LLC were the bookrunners.
The issuer is based in Reykjavik.
| Issuer: | Republic of Iceland
|
| Issue: | Notes
|
| Amount: | $1 billion
|
| Maturity: | June 16, 2016
|
| Bookrunners: | Barclays Capital Inc., Citigroup Global Markets Inc., UBS Securities LLC
|
| Coupon: | 4.875%
|
| Price: | 99.484
|
| Yield: | 4.993%
|
| Spread: | Mid-swaps plus 320 bps
|
| Call: | Non-callable
|
| Distribution: | Rule 144A and Regulation S
|
| Trade date: | June 9
|
| Settlement date: | June 16
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BB+
|
| Price talk: | Mid-swaps plus 325 bps area
|
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