Eurobonds: Risk Rating Confirmed

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.

Monday, November 11, 2019

"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.

You may be interested in "Fiscal Uncertainty despite Eurobonds"

The statement adds that "... The expected combined amount of the reopening and the new notes is $1.5 billion, consistent with the authorization of the Costa Rican Congress to issue up to this amount in Eurobonds to cover the government's financial needs in 2019."

Regarding the details of the issuance, at the end of November Costa Rican authorities informed that Citi Global Markets and HSBC Global Banking, will be the banks and financial advisors that will accompany the country in the process of issuing securities and managing liabilities in the international market.

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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%.

Citi and HSBC to Issue $1.5 Billion in Eurobonds

September 2019

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.

The issue that will be made at the international level is the one that was approved on July 16 through Bill No.

Costa Rica: Government Urges to Issue More Eurobonds

September 2019

The Ministry of Finance plans to present a new bill in the Legislative Assembly to issue $4.5 billion in foreign debt bonds next year.

The amount that will be requested is what is needed to reach the $6 billion that was requested this year before Congress, of which only $1.5 billion was authorized.

Costa Rica is Closer to Issuing Eurobonds

July 2019

The Legislative Assembly approved in first debate the issuance of $1.5 billion in debt securities in the international market, which in the opinion of the rating agencies, helps to reduce uncertainty about the government's ability to meet its financing needs.

The Treasury Department's initial plan was to issue $6 billion within six years, however, the committee in charge of the file modified the text so that the limit would be $1.5 billion.

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