Rubiales Hits DCM for Quick Takeout

Rubiales Hits DCM for Quick Takeout

Colombia Bonds

Pacific Rubiales has raised $1.3bn in new bonds to replace acquisition debt, against a market backdrop improved by US Fed nominee Janet Yellen’s pro-QE stance. The Colombian-Canadian E&P operator got $4bn in orders for the 2019 NC3 and priced at 99.985 with a 5.375% coupon to yield 5.375%, the tight end of 5.500%-area guidance and earlier mid-5% initial price thoughts. The BB+/ BB+/Ba2 bond was heard trading up 0.25 points late Monday. The closest comps were Rubiales’ 2021, seen trading to yield

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