By Rebecca Melvin
New York, March 16 – The Republic of Ivory Coast priced €1.7 billion of notes in dual tranches on Thursday, including €850 million of 2030 notes priced at par to yield 5¼% and €850 million of 2048 notes priced at par to yield 6 5/8%, according to a syndicate source.
Pricing was tightened for the 2030 notes, which have a weighted average life of 11 years, from guidance of 5 3/8%, plus or minus 1/8%, and initial price talk of 5½% to 5 5/8%.
For the 2048 notes, which have a weighted average life of 29 years, the yield was tightened from guidance of 6¾%, plus or minus 1/8%, and initial talk of a 6 7/8% to 7% yield.
Combined order books for the Rule 144A and Regulation S notes were in excess of €4.8 billion, split evenly between the tranches.
BNP Paribas, Citigroup, Deutsche Bank and Societe Generale CIB are the joint bookrunners for the Rule 144A and Regulation S notes.
| Issuer: | Ivory Coast
|
| Amount: | €1.7 billion
|
| Description: | Senior notes
|
| Bookrunners: | BNP Paribas, Citigroup, Deutsche Bank and Societe Generale CIB
|
| Pricing date: | March 15
|
| Settlement date: | March 22
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 2030 tranche
|
| Amount: | €850 million
|
| Maturity: | March 22, 2030
|
| Description: | Notes
|
| Coupon: | 5¼%
|
| Price: | Par
|
| Yield: | 5¼%
|
| Price talk: | Guidance of 5 3/8%, plus or minus 1/8%, and initial price talk of 5½% to 5 5/8%
|
|
|
| 2048 tranche
|
| Amount: | €850 million
|
| Maturity: | March 22, 2048
|
| Description: | Notes
|
| Coupon: | 6 5/8%
|
| Price: | Par
|
| Yield: | 6 5/8%
|
| Price talk: | Guidance of 6¾%, plus or minus 1/8%, and initial talk of a 6 7/8% to 7%
|
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