March 6, 2018 / 3:01 PM / 4 months ago

Senegal launches dual currency bond

LONDON, March 6 (IFR) - The Republic of Senegal has set final terms on euro and US dollar bonds, according to a lead.

The sovereign has launched a €1bn tranche due March 2028 at a yield of 4.75%.

The notes were initially marketed at 5.125%-5.25%, and guidance was set at 4.875%-5.00%. The amortising notes have a nine-year weighted average life.

Senegal has launched US$1bn notes due 2048 at 6.75%. Books were opened at 7.125%-7.25% and pricing was then revised to 6.875%-7.00%. The notes have a 29-year weighted average life.

The combined order books are around US$9.5bn.

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; editing by Sudip Roy)

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