LONDON, Jan 14 (IFR) - The Republic of Latvia is set to raise EUR1bn through its upcoming issue of a seven-year bond, according to a lead manager.
The sovereign, rated Baa2/BBB+/BBB+, has launched the deal at the final spread of 120bp over mid-swaps, at the tight end of final guidance of 125bp (plus or minus 5bp) and tight to initial price thoughts of 140bp area.
Order books for the issue reached around EUR4.5bn before launch.
Citigroup, JP Morgan and Societe Generale are the lead managers on the offering, which is being sold under the 144A/Reg S format and is expected to price later on Tuesday.
Reporting by Davide Scigliuzzo; Editing by Sudip Roy