Rubiales Returns to DCM in Well-Bid Sale

Rubiales Returns to DCM in Well-Bid Sale

Colombia Bonds

Pacific Rubiales has returned to the bond market for $1bn, capitalizing on a recent ratings upgrade to generate at least $5.25bn in demand and secure attractive pricing. The Ba2/BB+/BB+ 2023 NC5 bond priced at par with a 5.125% coupon to yield UST+321.1bp. The yield represents the tight end of 5.250%-area guidance revised from 5.375%-area, after earlier mid-5% talk. The Colombian-Canadian E&P operator’s new bonds were up 0.25 points on the bid side Friday afternoon, traders say, though investors

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