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Rwanda Prices Eurobond Offer

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(Credit: Reuters) The image is a Rwandan flag unfurled.Rwanda
April 25
12:10 PM 2013

The Republic of Rwanda, with a rating of B/B has offered to the market a ten year Euro denominated bond with a reoffer price of Eur98.213 with a yield of 6.875%. According to its lead managers, the volume of the debut bond is at US$400 million.

The notes at par would have a coupon of 6.625% and is priced at a spread of 515.7 over US treasuries or at mid-swaps at 498.7 basis points over.

Last Wednesday, Rwanda had released initial yield guidance at a low of 7% for the issue and was later improved to be between 6.875% and 7%. The deal's size is capped.

The lead managers for the sale of the 144A/Reg S offering are BNP Paribas and Citigroup,  

Rwanda took the lead for the interest indicated from investors last Wednesday with European and US book orders ready to do business at New York's trading deadline.

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