LV: Demand for Latvias Eurobonds was at USD 5bn.

By bne IntelliNews December 7, 2012
Demand for Latvias Eurobond issue successfully planed this week stood at USD 5.1bn, communication department of FinMin announced. FinMin sees high demand as acknowledgement of successfully implemented stabilisation program, structural reforms and fiscal discipline. FinMin also notes that yield on the bonds was both record-low and lower than expected by the ministry. It was also reported that the funds raised from the placement will be received by the end of next week and will be used to refinance the state debt. As reported this week, Latvia successfully placed USD 1.25bn worth of 7-year Eurobonds yielding 2.889%, which makes the lowest yield in the history of borrowing abroad. Barclays, Deutsche Bank, and JP Morgan organised the issue. FinMin Andris Vilks commented that along with recent improvement of the credit rating Latvia got an opportunity to refinance its debt on the international markets, at interest lower than that granted by EC/IMF during the crisis support loan package. To remind, this year in February Latvia already issued 5-year Eurobonds worth USD 1bn yielding 5.375%.

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