Albania to start roadshow for new Eurobond issue

Albania to start roadshow for new Eurobond issue
By bne IntelliNews September 26, 2018

Albania will start an international roadshow on September 26 after which it plans to place a Eurobond of up to €500mn, Raiffeisen Bank International (RBI) analysts said.

The successful issuance of the Eurobond would be a guarantee for the improvement of the country’s debt structure and the reduction of the debt portfolio.

Albania also announced a cash tender offer to re-purchase up to €200mn of the outstanding €450mn Eurobond due on 2020.

RBI expects good demand for the new issue based on the limited supply and re-purchase offer.

In early August, the Albanian government selected US, Italian and French financial institutions to manage its planned issue. The selected institutions are the US investment bank City, Banca IMI - a subsidiary of Italy’s Intesa Sanpaolo specialised in investment banking and capital markets, and French Societe Generale.

Albania’s previous two Eurobonds, the first in 2010 and the second in 2015, were managed by Germany’s Deutsche Bank and the US’s JP Morgan Chase.

The country is rated at 'B+/B' by S&P.

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