Azerbaijan's Southern Gas navigates choppy rates to raise extra $1bn
Azerbaijan’s Southern Gas Corridor Company raised $1bn with a tap of its outstanding 2026s on Wednesday but fell foul to underlying rate movements which meant that it did not price at the tight end of guidance, according to a lead banker.
The issuer picked UniCredit, Citi and JP Morgan to reopen that bond on Wednesday. The same two did the original deal. Price talk started at 5.875% area and was refined to 5.75%-5.85%. The note was printed in the middle of the range at 5.8%.
The original bond was trading
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