New Issue: Paraguay prices $600 million 5% notes due 2026 at 99.997 to yield 5%

By Christine Van Dusen

Atlanta, March 23 – Paraguay priced an upsized $600 million issue of 5% 10-year notes (expected ratings: Ba1/BB/BB) at 99.997 to yield 5%, or Treasuries plus 312.7 basis points, on Wednesday, a market source said.

BofA Merrill Lynch and Itau were the bookrunners for the deal, which was increased from $500 million.

The proceeds will be used for financing of infrastructure and debt, as well as for capital expenditures.

Issuer:	Paraguay
Amount:	$600 million
Maturity:	April 15, 2026
Description:	Senior notes
Bookrunners:	BofA Merrill Lynch, Itau
Coupon:	5%
Price:	99.997
Yield:	5%
Spread:	Treasuries plus 312.7 bps
Trade date:	March 23
Settlement date:	March 30
Expected ratings:	Moody's: Ba1
	Standard & Poor's: BB
	Fitch: BB

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