By Rebecca Melvin
New York, Nov. 13 – Uzbekistan’s JSCMB Ipoteka-Bank has priced $300 million of five-year fixed-rate senior notes (BB-/BB-) at par to yield 5˝%, or mid-swaps plus 503.3 basis points, according to a market source.
Holders may put the bonds at par if the Republic of Uzbekistan ceases to beneficially own 50% plus 1 share and an adverse ratings event occurs.
J.P. Morgan Securities plc, MUFG, Raiffeisen Bank International and Societe Generale were managers for the Regulation S deal.
The bank is based in Tashkent, Uzbekistan.
| Issuer: | JSCMB Ipoteka-Bank
|
| Issue: | Senior notes
|
| Amount: | $300 million
|
| Maturity: | Nov. 19, 2025
|
| Bookrunners: | J.P. Morgan Securities plc, MUFG, Raiffeisen Bank International and Societe Generale
|
| Coupon: | 5˝%
|
| Price: | Par
|
| Yield: | 5˝%
|
| Spread: | Mid-swaps plus 503.3 bps
|
| Change-of-control put: | Yes
|
| Pricing date: | Nov. 12
|
| Settlement date: | Nov. 19
|
| Ratings: | S&P: BB-
|
| Fitch: BB-
|
| Distribution: | Regulation S
|
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