Tanzania prices USD600M 7-year amortising bond
LONDON, Feb 27 (IFR) - The United Republic of Tanzania has priced a USD600m seven-year amortising bond at par to yield 600bp over Libor, reaching the maximum amount it had planned to raise through the privately placed floating rate note.
The Reg S notes have an amortising structure and average maturity of five years with final due date March 8, 2020. The principal amortises in nine semi-annual instalments starting on the notes' third anniversary.
The unrated East African sovereign had released initial price guidance of low 600bp over Libor area for the transaction.
Standard Bank was sole lead manager on the deal. (Reporting by Davide Scigliuzzo; Editing by Sudip Roy)