Mozambique's Ematum prices USD500m seven-year bond
LONDON, Sept 6 (IFR) - Mozambique's government agency Ematum has priced a USD500m seven-year amortising bond at the final yield of 8.50%, according to one of the lead managers.
The note, which carries a coupon of 6.305% and has a weighted average life of four-and-a-half years, priced at a reoffer price of 92.051.
Final terms came at the wide end of initial yield guidance of low- to mid-8% released on Wednesday and later revised to 8.50% area on Thursday.
Mozambique is rated B+ by both Standard and Poor's and Fitch, but the bonds themselves will be unrated.
The Reg S only security, which will be eligible for inclusion in the EMBI index, is a repackaged unsecured loan from Credit Suisse that carries an unconditional and irrevocable guarantee from the government.
BNP Paribas and Credit Suisse are the lead managers on the bond issue. (Reporting by Davide Scigliuzzo; editing by Sudip Roy)
- Insight: How U.S. spying cost Boeing multibillion-dollar jet contract
- Exclusive: Secret contract tied NSA and security industry pioneer |
- With Fed out of the way, what's next on Wall Street?
- Insight: For Chinese farmers, a rare welcome in Russia's Far East
- Analysis: Lost Brazil order raises threat to Boeing fighter jets