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ICE breaks eight year drought for Costa Rica eurobonds

November 07, 2011 | You can access the full text of this article on Euroweek website

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.

Issue: Instituto Costarricense de Electricidad, 6.95% 10nov2021, USD

StatusCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
outstandingCosta Rica11/10/2021500,000,000 USDB1/-/B

Company: Grupo ICE

Full company nameInstituto Cosarricense de Electricidad (ICE)
Country of riskCosta Rica


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