By Rebecca Melvin
New York, Nov. 25 – The Republic of Ivory Coast priced €1 billion of 4 7/8% notes due 2032 (Ba3//B+) at 99.002 to yield 5%, according to a market source on Wednesday.
The order books were in excess of €1.3 billion when guidance was released, at which time the sovereign said the deal size was anticipated to be €1 billion.
Pricing was tightened to the 5¼% area following initial talk in the area of 5½%.
BNP Paribas, JPMorgan and Standard Chartered Bank were the bookrunners of the Rule 144A and Regulation S deal.
| Issuer: | Republic of Ivory Coast
|
| Amount: | €1 billion
|
| Description: | Senior notes
|
| Maturity: | 2032
|
| Bookrunners: | BNP Paribas, JPMorgan and Standard Chartered Bank
|
| Coupon: | 4 7/8%
|
| Price: | 99.002
|
| Yield: | 5%
|
| Pricing date: | Nov. 25
|
| Settlement date: | Dec. 1
|
| Expected ratings: | Moody’s: Ba3
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Guided to 5¼% area from initial price talk of 5½%
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