By Christine Van Dusen
Atlanta, Jan. 25 - The Republic of Peru priced $1.1 billion equivalent in taps of its 2050 and 2031 notes (Baa3/BBB/BBB) via Citigroup and Deutsche Bank, a market source said.
The deal included $500 million 5 5/8% notes due Nov. 18, 2050 that priced at 104.098 to yield 5.372%, or Treasuries plus 225 basis points. The Securities and Exchange Commission-registered notes were talked at a spread in the Treasuries plus 235 bps area.
Peru originally sold $1 billion of the notes at 96.164 to yield 5 7/8%, or 160.3 bps over Treasuries, on Nov. 10, 2010.
The new deal also included a tap of the sovereign's existing 6.95% Peruvian nuevo sol notes due Nov. 18, 2031. The $600 million-equivalent notes priced at 100.956 to yield 6 7/8%. The Rule 144A and Regulation S transaction was talked at a yield in the 7% area.
Proceeds will be used for the general purposes of the government, including supporting the balance of payments.
| Issuer: | Republic of Peru
|
| Amount: | $1.1 billion equivalent
|
| Bookrunners: | Citigroup, Deutsche Bank
|
| Trade date: | Jan. 25
|
| Settlement date: | Feb. 1
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
|
|
| Notes due 2050
|
| Amount: | $500 million
|
| Maturity: | Nov. 18, 2050
|
| Coupon: | 5 5/8%
|
| Price: | 104.098
|
| Yield: | 5.372%
|
| Spread: | Treasuries plus 225 bps
|
| Distribution: | Securities and Exchange Commission registered
|
| Price talk: | Treasuries plus 235 bps area
|
|
|
| Notes due 2031
|
| Amount: | $600 million equivalent
|
| Maturity: | Aug. 12, 2031
|
| Coupon: | 6.95%
|
| Price: | 100.956
|
| Yield: | 6 7/8%
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7% area
|
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