Armenia nips in with ‘expensive’ dollar bond

The $750m 3.6% February 2031 Reg S/144A bond was priced at 97.738 to yield 3.875%, or 280.2bp over mid-swaps.

On Tuesday afternoon, bookrunners Citigroup, HSBC and JP Morgan set guidance at 4.125%-4.25%, tightened from initial price thoughts of 4.375%-4.5%.

Final books were over $2.5bn.

Although Armenia hit the world’s headlines in September, ...