New Issue: Macedonia sells upsized €450 million 5 7/8% seven-year notes at 98.598

By Paul A. Harris

Portland, Ore., July 19 – Republic of Macedonia priced an upsized €450 million issue of 5 7/8% seven-year notes (BB-/BB+) at 98.598 on Tuesday, according to a market source.

The issue was upsized from €300 million.

The deal was sidelined earlier when the opposition party challenged the government’s authorization to issue the notes, a market source said, adding that Macedonia’s return is due to the government receiving the authorization.

Bookrunner Citigroup will bill and deliver. Deutsche Bank, Erste Group and SG CIB were also bookrunners.

Issuer:	Republic of Macedonia
Amount:	€450 million, upsized from €300 million
Maturity:	July 26, 2023
Bookrunners:	Citigroup (bill and deliver), Deutsche Bank, Erste Group, SG CIB
Coupon:	5 7/8%
Price:	98.598
Spread:	628 bps
Trade date:	July 19
Settlement date:	July 26
Ratings:	S&P: BB-
	Fitch: BB+
Distribution:	Rule 144A and Regulation S

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