Lebanon sets final guidance on U.S dollar triple-tranche deal

Aggregate demand for the deal has reached U.S. $1.25bn (AP)

Lebanon has set final price guidance on each tranche of its U.S. dollar-denominated three-part bond, according to a lead.

The 2024 tranche is now being marketed at a yield of 6.30%, while the 2028 tranche is being offered to investors at 6.70%.

Finally, the 2035 tranche is being offered at 7.10%.

The yield on all tranches could move up or down by 5bp.

Final guidance compares to initial price thoughts of 6.20% to 6.35% on the short tranche, 6.60% to 6.75% on the 2028 tranche and 7.00% to 7.20% on the longest tranche, which were released on Thursday.

Aggregate demand for the deal has reached U.S. $1.25bn. This includes interest from the banks running the trade and orders from Lebanon's Central Bank, which will be allocated U.S. $500m of notes.

The new notes are part of a voluntary exchange for any-or-all of its U.S. $750m 8.5% January 2016s.

Citigroup, Fransabank, Societe Generale de Banque au Liban and Standard Chartered Bank are running the deal. The transaction is expected to price on Friday.

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Last Update: Wednesday, 20 May 2020 KSA 14:12 - GMT 11:12
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