GTB cuts size to $400m to keep pricing tight
Guaranty Trust Bank prioritised price over size for its 6% five year bond on Monday, selling $400m at a yield of 6.125%, or 125bp over the Nigerian sovereign curve. The size range for the deal had been released at $300m-$500m.
JP Morgan and Morgan Stanley arranged the bond, which is expected to be rated BB- by Standard & Poor’s and B+ by Fitch.
“At 125bp over the sovereign the price was very tight. Other [similarly rated] private banks in the CEEMEA region trade at 200bp-300bp over their sovereigns,”
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