February 9, 2017 / 11:18 AM / a year ago

Latvia sets guidance on dual-tranche euro offering

LONDON, Feb 9 (IFR) - The Republic of Latvia has revised pricing on a dual-tranche euro offering, according to a lead.

The sovereign, rated A3/A-/A-, has announced guidance of 40bp area over mid-swaps on a tap of its €650m 0.375% 2026 bonds. That compares with an initial level of low 40s.

It has also announced guidance of 100bp area over mid-swaps for a new 30-year bond, which will be sized at €500m. That compares with an initial level of 100-105bp over.

The bonds are eligible for the ECB’s PSPP.

Indications of interest are in excess of €450m on the tap and in excess of €800m on the February 2047 notes.

The Reg S trade is via Deutsche Bank, Goldman Sachs and Societe Generale.

Reporting by Sudip Roy; editing by Alex Chambers

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