El Salvador launches US$800m 12-year bond at 6.375%

jueves 11 de septiembre de 2014 16:42 GYT

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)