LV: Latvia picks Eurobond issue organizers-source.

By bne IntelliNews November 7, 2012
Latvia is commissioning Barclays, Deutsche Bank, and JP Morgan to organise another planned sovereign Eurobond issue, Reuters reports citing the banking sources. To remind, last month representative of State Treasury Kaspars Abolins announced that Latvia could place another issue of Eurobonds already this year. He explained that although this year the target USD 1bn worth of securities were already placed, interest rates being at record-low and an issue of at least EUR or USD 500mn is considered ahead of schedule. Abolins reminded that USD 500mn were planned to be placed in 2011, USD 1bn in 2012, USD 2bn in 2013, and USD 3.5bn in 2014, the proceeds to be used for repaying the international austerity package provided by IMF, EC and other donors. In February 2012 Latvia placed USD 1bn worth of 5-year Eurobonds amidst a high demand of about USD 5bn. While the initial price guidance stood at 5.625%, it declined to 5.375%-5.5%. In June 2011 Latvia placed an issue of USD 500mn 10-year Eurobonds yielding 5.491% annually. This made the first placement of Eurobonds since the beginning of 2008.

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