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Financials

Macedonia re-launches seven-year bond at high 5% area yield

LONDON, July 19 (IFR) - The Republic of Macedonia has re-launched a seven-year euro bond, opening books at a yield of high 5% area, according to a lead.

The deal was postponed last Thursday following a letter from a member of the Social Democratic Union of Macedonia, asserting the Republic may not have proper legal authority to issue the notes. The bonds at the time were being marketed at a yield of mid-5% area.

The re-launched 144A/RegS deal is Tuesday’s business. Citigroup (B&D), Deutsche Bank, Erste Group and SG CIB are the lead managers. Macedonia is rated BB- by Standard & Poor’s and BB+ by Fitch.

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