BNCR Debut Holds Own vs Benchmarks

BNCR Debut Holds Own vs Benchmarks

Costa Rica Bonds

Banco Nacional de Costa Rica (BNCR) has raised $1.0bn in its international bond debut, selling five and 10-year notes seen pricing competitively to benchmarks including Banco de Costa Rica. The transaction was heard drawing $5bn demand across the two tranches. The 100% state-owned bank priced the $500m 2018 tranche at 99.331 with a 4.875% coupon to yield 5.028%, or UST+375bp, the tight end of 387.5bp-area guidance and earlier 400bp-area initial price thoughts. A $500m 2023 tranche priced at 99.0

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