Armenia has sold a $750mn 10-year eurobond. Global Capital reported that market participants said it was “expensive” for investors, with a negative new issue premium of 10bp.
The 3.6%-coupon February 2031 Reg S/144A bond was priced at 97.738 to yield 3.875%, or 280.2bp over mid-swaps.
Bookmakers HSBC, JP Morgan and Citigroup set guidance at 4.125%-4.5%. Final books were over $2.5bn.
Charlie Robertson at Renaissance Capital reacted to the bond on Twitter, saying: “Amazing markets. #Armenia loses a war with Azerbaijan, but borrows $750m Eurobond this week (that's a third of its $2.2bn FX reserves) at 3.9% interest rate for ten years. Demand was high enough to be $250m above $500m initial plans. Its Ba3 / B+ rated, like Cote D'Ivoire.”
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