Serbia’s government said on November 24 it has issued a ten-year Eurobond worth $1.2bn on the international market amidst strong investor interest.
The bond was issued on November 23 following a seven-year pause and will be used for the early repayment of a significant portion of an outstanding debt on a US dollar Eurobond issued in 2011 at a yield rate of 7.50%.
The issue caries a coupon of 2.125% and yield of 2.35%. It also has a final interest rate, the government said in a statement.
The demand was above $6bn placed by more than 200 funds, insurance companies and banks, mainly from the U.S. and the UK.
Serbia also carried out its first-ever hedging via swap operations, swapping liabilities under the Eurobond from the U.S. dollar to the euro, thus achieving a de facto 1.066% coupon rate for financing in euro.
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