Diamond Bank debuts at last but bond slides in secondary

By Steven Gilmore
15 May 2014

Nigeria's Diamond Bank sold a $200m five year bond on Wednesday at the upper end of its price range and lower end of its target size. But the bonds still dropped over two cash points in the secondary market after pricing.

Sole lead Citi priced the deal, Diamond's third attempt at an inaugural bond in two years, to yield 9% on Wednesday, after approaching investors with initial price thoughts in the high 8%-9% yield area on Tuesday. The borrower had been looking for a $200m-$300m print, but had taken ...

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