LONDON, May 12 (IFR) - Montenegro, rated Ba3 by Moody’s and BB- by Standard & Poor‘s, has begun marketing a five-year euro bond at high 5%, according to a lead manager.
The bond, which will have a minimum yield of 5.50%, will price on Tuesday.
The new issue is being undertaken in conjunction with an exchange and tender offer for its outstanding 2015 and 2016 notes, which closes at 1600BST today.
Citigroup, Deutsche Bank and Erste Bank are the lead managers and arrangers of the new issue and liability management exercise. (Reporting by Sudip Roy; editing by Alex Chambers)