Andorra grabs €500m in market debut

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By Lewis McLellan
28 Apr 2021

The Principality of Andorra sold its first ever international public bond on Wednesday, bringing a 10 year sustainability benchmark to market and pricing sharply inside guidance.

The borrower mandated Crédit Agricole and Santander to run the books, while the former was sole structuring advisor for the issuer’s sustainability framework.

The leads held a roadshow beginning on April 21 ahead of Wednesday’s deal. Initial price thoughts were 125bp-130bp area over mid-swaps. Indications of ...

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