Croatia launches 1.25bn eight-year at the tight end of guidance

Thu May 22, 2014 6:49am EDT

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LONDON, May 22 (IFR) - The Republic of Croatia, rated Ba1/BB/BB+, has launched a 1.25bn eight-year benchmark at the tight end of guidance, according to a lead manager.

The deal will be priced at 270bp over mid-swaps, the tight end of revised guidance of 275bp area (+/-5bp).

The sovereign began marketing the transaction at 285bp area earlier on Thursday. Demand topped 2bn just over an hour after books opened.

The Reg S only issue, which matures on May 30 2022, is expected to launch and price later today.

Banca IMI, Deutsche Bank, JP Morgan and SG CIB are the lead managers. (Reporting by Helene Durand; Editing by Philip Wright)

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