Avianca Lands Sweetened Bond

Avianca Lands Sweetened Bond

Colombia Bonds

Colombia's Avianca Holdings has priced a $300m bond, getting the deal done after shortening the tenor and giving up a bit more in pricing that the airline initially planned. The 2020 NC4 priced at 98.706 with an 8.375% coupon to yield 8.625%, tight to the low-9% indications that were widened from initial mid-8% discussions. The issuer had initially been targeting a 10-year maturity at the mid-8% level, but elected to shorten in order to get closer to the pricing it wanted. The bond traded up 2.0

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