November 1, 2017 / 10:42 AM / a year ago

Macedonia sends request for proposal for euro-denominated bond - sources

LONDON, Nov 1 (IFR) - Macedonia has sent a request for proposal to banks for a euro-denominated bond and is targeting an issue in the first quarter of 2018, according to sources.

One of the sources said Macedonia is also interested in exploring a possible liability management exercise.

Macedonia last issued in July 2016 when it sold a €450m 5.625% July 2023. That bond experienced a short delay to launch after an opposition politician questioned the legality of the issuance.

The notes are bid at 112.69 to yield 3.16%, according to Tradeweb prices.

Macedonia is rated BB- by S&P and BB by Fitch.

In September, S&P analysts wrote that they expected a reasonable degree of political continuity in the country, which should support a gradual acceleration in economic growth in the near term. (Reporting by Sudip Roy; Editing by Julian Baker)

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