By Christine Van Dusen
Atlanta, March 19 – Peru priced a $545 million tap of its 5 5/8% notes due 2050 (A3/BBB+/BBB+) at 115.378 to yield 4.278%, or Treasuries plus 220 basis points, a market source said.
The notes were talked at a spread in the Treasuries plus 237.5 bps area.
BBVA, Deutsche Bank and Morgan Stanley were the bookrunners for the Securities and Exchange Commission-registered deal.
The proceeds will be used to refinance a portion of the sovereign’s general financial requirements for 2016.
The sovereign is also planning a tap of its 6.95% Peruvian nuevo sol-denominated notes due Aug. 12, 2031 (expected ratings: A3/A-/A-), a market source said.
The 2031 notes were talked at a yield in the 7% area.
BBVA, Deutsche Bank and Morgan Stanley are the bookrunners for the Rule 144A and Regulation S transaction.
| Issuer: | Peru
|
| Amount: | $545 million
|
| Maturity: | Nov. 18, 2050
|
| Description: | Notes
|
| Bookrunners: | BBVA, Deutsche Bank, Morgan Stanley
|
| Coupon: | 5 5/8%
|
| Price: | 115.378
|
| Yield: | 4.278%
|
| Spread: | Treasuries plus 220 bps
|
| Trade date: | March 19
|
| Ratings: | Moody’s: A3
|
| Standard & Poor’s: BBB+
|
| Fitch: BBB+
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | Treasuries plus 237.5 bps area
|
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