LONDON, April 7 (IFR) - The Republic of Zambia, rated B+ by Standard & Poor’s and B by Fitch, has launched a US$1bn 10-year Eurobond at a final yield of 8.625%, according to a source.
The yield is at the tight end of revised guidance of 8.75% area (plus or minus 12.5bp).
Demand for the deal is over US$4.25bn.
Zambia began marketing the bond at 8.75%-8.875% earlier on Monday.
The new note will be sold under the 144A/Reg S format and is expected to price later today.
Barclays and Deutsche Bank are the lead managers. (Reporting by Sudip Roy; Editing by Philip Wright)