Citi and HSBC to Issue $1.5 Billion in Eurobonds

Costa Rican authorities informed that Citi Global Markets and HSBC Global Banking will be the placement banks and financial advisors that will accompany the country in the process of issuance of securities and management of liabilities in the international market.

Monday, September 23, 2019

The issue that will be made at the international level is the one that was approved on July 16 through Bill No. 21.201, which authorizes the Executive to administer, issue and manage financing operations in the international market for up to $1.5 billion (one thousand five hundred million U.S. dollars).

You may be interested in "Fiscal Uncertainty despite Eurobonds

In a statement dated September 20, the Ministry of Finance explained that "... The bidding period began on August 26 and ended on September 2, 2019. Eleven bids were received from different financial institutions, from which Morgan Stanley, HSBC Global Banking, JP Morgan, Scotiabank and Citi Global Markets were pre-selected.

As part of the selection process, the bidders had to present proposals for structuring the international issuance, structuring the liabilities, distribution and marketing for the present issue, support strategy in the secondary market and accompaniment to the Government; in addition, they had to make an oral defense of the technical proposal.

Currently, the selection and contracting of the payment agent bank and the risk rating agencies is in process. The reception of bids ended on September 18. The Government's objective is to be prepared with all the required services, to carry out the issuance at the opportune moment, when the market conditions are considered favorable.

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More on this topic

Costa Rica Issues $1.5 Billion in Eurobonds

November 2019

On November 12, the debt securities were sold in the international market, and at the end of the negotiation, bonds were issued for $1.2 billion maturing in 2031 and $300 million maturing in 2045.

The negotiation of the public debt issued by the government of Costa Rica in the international market closed at noon on November 12, and the yield for those maturing in 2031 was 6.25% and for those expiring in 2045 was 7.25%.

Eurobonds: Risk Rating Confirmed

November 2019

Standard & Poor's has given a B+ rating to the $1.5 billion debt issue that Costa Rica expects to place in the international market in November.

"Global Ratings today assigned a "B+" rating to the prospective reopening of Costa Rica's notes which have a 7.158% rate maturing in 2045 and a "B+" rating in its planned issuance of notes maturing in 2031, the latter issue still does not have a defined trading rate," the rating agency said on November 8.

Guatemala Issues $1.2 Billion in Eurobonds

May 2019

The government was able to issue $700 million over 30 years at a 6.12% rate, and $500 million over 10 years at a 4.9% rate.

The operation was carried out through the bank Citigroup Global Markets Inc, one of the three most important investment banks in the world, chosen through a competitive process, informed the Ministry of Finance.

Deutsche Bank and HSBC to Sell Costa Rican Eurobonds

February 2015

An announcement has been made that the government has selected Deutsche Bank and HSBC to structure and place on the international market an issuance of debt of up to $1 billion, scheduled for February 2014.

In order to take advantage of any "window of opportunity" that may present itself in the international market in terms of rate conditions and demand for the issue, the government of Costa Rica has accelerated the process and selected Deutsche Bank and HSBC to lead the process of placement of public debt worth up to $1 billion.

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