Serbia has returned to the euro market after only four months, tapping the line it opened in June this year and raising cash to refinance dollar obligations it faces in 2020.
BNP Paribas, Citi, Deutsche Bank and JP Morgan ran books for the tap, which raised €550m on Tuesday.
Initial price thoughts were 1.45%. With books over €1.3bn, guidance was revised to 1.3%-1.35%. The book continued to grow, allowing the leads to fix the yield at 1.25%, 5bp wide of