North Macedonia has launched the process of issuing a six-year Eurobond to cover budget gaps for 2020 and 2021, local media reported on May 27.
The government previously said that the maximum amount of the Eurobond will be €800mn.
The maximum interest rate of the new Eurobond is set at 4.5%. The process is expected to be completed on June 3, Faktor.mk reported.
Citigroup, Deutsche Bank, Erste Group and J.P. Morgan have been mandated to arrange the process.
According to Faktor, Finance Minister Nina Angelovska and governor of the central bank Anita Angelovska Bezoska held a video presentation with the interested investors instead of organizing standard road show before the issuance of the Eurobond.
North Macedonia is rated BB- with stable outlook by Standard & Poor's and BB+ with negative outlook by Fitch Ratings.
North Macedonia’s finance ministry expects the budget revenues in 2020 to drop by 20% to 40% from a year earlier, according to its three scenarios drawn up in light of the coronavirus crisis.
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