Chicago, April 24 – Republic of Paraguay priced $1 billion of 4.95% notes (//BB+) due 2031, according to a market source and an official news release.
Proceeds will be used for general budgetary purposes. This includes funding the emergency measures established by Law No. 6524/20 in response to the coronavirus pandemic.
The offer was more than seven times oversubscribed.
The funding will help the government fight the coronavirus for at least two months, Paraguay’s minister of finance, Benigno Lopez, explained.
The nation has authorized the government to obtain a credit line of up to $1.6 billion, for which appropriate debt can be sought through agreements with multilaterals such as the World Bank, the IDB and Fonplata.
| Issuer: | Republic of Paraguay
|
| Issue: | Notes
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| Amount: | $1 billion
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| Maturity: | 2031
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| Coupon: | 4.95%
|
| Announcement date: | April 24
|
| Rating: | Fitch: BB+
|
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