By Rebecca Melvin
New York, Feb. 9 – The Republic of Ivory Coast priced €850 million of notes in two tranches (Ba3//B+) late Monday, including taps of its existing €1 billion of 4 7/8% notes due 2032 and €850 million of 6 5/8% notes due 2048, according to a market source.
The €600 million tranche of 2032 notes priced at 104.538 to yield 4.3%. That was tight compared to initial talk for yield in the area of 4.55%.
The €250 million of 2048 notes price at 111.66 to yield 5¾%, which was tightened from initial price talk in the 6% area.
The combined order books for the two tranches were in excess of €2.8 billion when final guidance was released.
The 2032 notes are listed on the Euronext Dublin and the 2048 notes are listed on Euronext Dublin and Luxembourg Stock Exchange.
BNP Paribas, JPMorgan and Standard Chartered were bookrunners of the Rule 144A and Regulation S deal.
| Issuer: | Republic of Ivory Coast
|
| Amount: | €850 million
|
| Description: | Senior notes
|
| Bookrunners: | BNP Paribas, JPMorgan and Standard Chartered
|
| Pricing date: | Feb. 8
|
| Settlement date: | Feb. 15
|
| Expected ratings: | Moody’s: Ba3
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 2032 tranche
|
| Amount: | €600 million
|
| Maturity: | Jan. 30, 2032
|
| Coupon: | 4 7/8%
|
| Price: | 104.538
|
| Yield: | 4.3%
|
| Price talk: | Initial price talk of 4.55% area
|
|
|
| 2048 tranche
|
| Amount: | €250 million
|
| Maturity: | March 22, 2048
|
| Coupon: | 6 5/8%
|
| Price: | 111.66
|
| Yield: | 5¾%
|
| Price talk: | Initial price talk of 6% area
|
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