November 07, 2011 |
|Scarcity value and quasi-sovereign status ensured a warm welcome this week for Costa Rican utility Grupo ICE’s $250m 10 year eurobond, the first from the country in nearly eight years. |
The state-owned electricity and telecoms provider attracted $1.8bn in orders, more than seven times the target, following a roadshow in the US on Tuesday and Wednesday.
Initial price talk on Wednesday was around 7.5%. Interest was so strong that bookrunners Deutsche and Citi take books subject by the end of the day — and launched the deal at 6.95% at the open in New York on Thursday.
|Status||Country of risk||Maturity (option)||Amount||Issue ratings (M/S&P/F)|
|outstanding||Costa Rica||11/10/2021||500,000,000 USD||B1/-/B|
Company: Grupo ICE
|Full company name||Instituto Cosarricense de Electricidad (ICE)|
|Country of risk||Costa Rica|