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NEW YORK, Sept 11 (IFR) - The Republic of El Salvador is set to raise US$800m through a new 12-year bond with a final yield of 6.375%, according to market sources.
The sovereign, rated Ba3/BB-/BB-, launched the transaction at the tight end of guidance of 6.375%-6.5% and tight to initial price thoughts of 6.75% area.
El Salvador will use proceeds to repay local LETES notes.
Citigroup and Deutsche Bank are the lead managers on the 144A/Reg S issue, which is expected to price today. (Reporting by Davide Scigliuzzo; Editing by Paul Kilby)