March 6, 2018 / 1:01 PM / 2 months ago

Senegal revises pricing for dual currency bonds

LONDON, March 6 (IFR) - The Republic of Senegal has set price guidance for euro and US dollar benchmark bonds, according to a lead.

The sovereign is marketing the euro tranche due March 2028 at a yield of 4.875%-5.00%. The notes were initially marketed at 5.125%-5.25%. The amortising notes have a nine-year weighted average life.

Pricing on the US dollar notes due 2048 has been revised to 6.875%-7.00%. Books were opened at 7.125%-7.25%. The notes have a 29-year weighted average life.

The combined order books are in excess of US$6.5bn, evenly split across the two tranches.

Senegal is rated Ba3 by Moody’s and B+ by S&P.

The bookrunners are BNP Paribas, Citigroup, Deutsche Bank, Natixis, Societe Generale and Standard Chartered.

The notes are being issued in conjunction with a tender offer in regards to its US$500m 8.75% 2021s.

The sovereign increased the maximum acceptance offer for its US$500m 8.75% 2021s to US$200m from US$150m. More than US$350m of notes were validly tendered, and Senegal will accept the full US$200m. (Reporting by Robert Hogg)

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