The Lebanese Republic, ratedB1/B/B, has priced a USD600m tap of its January 27 2023 notes ata reoffer of 98.882 to yield 6.15% and a USD500m tap of its November 29 2027 at reoffer of 100.451 to yield 6.7%, according to a lead banker.
The sovereign was originally looking to raise USD1bn from the transaction, but up-sized the tap of the 2023 notes to set overall deal size at USD1.1bn.
The increases take the outstanding amount of the 2023 bonds to USD1.1bn and the 2027 issue to USD1bn.
Leads had set initial yield guidance of 6.10%-6.20% for the 2023 and 6.60-6.75% for the 2027 increases on Wednesday.
Fransa Invest Bank, Natixis and Standard Chartered are joint book runners on the deal
Lebanon prices $1.1bn dual tranche tap