Montenegro meets ample interest with euro five year

By Steven Gilmore
15 May 2014

Montenegro sold a €280m five year bond this week, pricing its largest ever bond deal with its lowest ever coupon. After drawing €1.6bn in orders the notes were bid over three cash points higher in the secondary market on Thursday, with under allocated investors chasing paper in the secondary market.

At €280m, the print beat Montenegro’s previous €200m record for a bond deal in 2010. Some €80m of the new bond, however, came from investors exchanging their holdings of Montenegro’s €200m 7.875% 2015s and €180m 7.25% 2016s as part of a tender and exchange offer. That exercise drew ...

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