Montenegro launches €500 million seven-year notes to yield 3 5/8%

By Rebecca Melvin

New York, April 12 – Montenegro, acting through its Ministry of Finance, launched €500 million of seven-yield notes to yield 3 5/8%, according to a market source on Thursday.

The pricing was tightened from guidance in the area of 3¾%, plus or minus 1/8%, and initial talk in the high 3% area.

Deutsche Bank, Erste Group and Societe Generale CIB are the bookrunners for the Rule 144A and Regulation S notes, which are being sold concurrently with the sovereign’s tender of €362,151,000 of its existing 2019, 2020 and 2021 notes.

The order book for the new notes at the time guidance was released was above €1 billion.

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