Montenegro raises EUR280mn

Montenegro raises EUR280mn

Published: May 16, 2014

Republic completes eurobond issuance and exchange-and-tender offer for outstanding notes.

Montenegro has raised €280mn (US$384mn) through a new five-year eurobond at the same time as completing an exchange-and-tender offer for its outstanding international notes.

The republic held a European roadshow run by Citi, Deutsche Bank and Erste Group, following which the country’s finance ministry confirmed that the minimum yield on the new issuance would be 5.5%. The paper was then priced with a coupon of 5.375% and a yield of 5.5%.

Montenegro also announced that it has completed an exchange-and-tender offer for €380mn of outstanding five-year eurobonds, the results of which saw investors accept the offer for €44.8mn of of 2015 notes and €36.9mn of 2016 notes.