February 11, 2014 / 9:37 AM / 3 years ago

UPDATE 3-Portugal prices EUR3bn tap of 10-year bond

1 Min Read

(Adds pricing details, official book size)

By John Geddie

LONDON, Feb 11 (IFR) - The Republic of Portugal has priced a EUR3bn tap of its outstanding 10-year bond on Tuesday after investors placed EUR9.5bn of orders, a banker managing the deal said on Tuesday.

The sovereign, rated Ba3/BB/BB+, issued the tap of its 5.65% February 2024 benchmark bond at mid-swaps plus 320bp, the tight end of 320bp-325bp guidance and inside initial price thoughts of 325bp area.

The tap priced to offer a yield of 5.112%, and offered around a 15bp concession to the outstanding issue, which was spotted at mid-swaps plus 305bp when books opened on Tuesday morning, according to the lead.

Final orders of EUR9.5bn included just under EUR1bn from banks managing the sale - Barclays, BES, Citigroup, Credit Agricole CIB, RBS and SG CIB.

Reporting by John Geddie; Editing by Julian Baker

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