Investors Crowd into BCR Debut

Investors Crowd into BCR Debut

Costa Rica Bonds

Government-owned Banco de Costa Rica (BCR) has printed a new $500m 2018 bond, as about $4.5bn demand came in from more than 200 accounts looking for a safe pickup to the Costa Rica sovereign curve. BCR priced the bond at par with a 5.250% coupon to yield UST+386.5bp, and at the tight end of final guidance of 5.250%-5.375% and earlier mid-5% initial price thoughts. “The deal tightened to 5.25%, but it still has some juice in it relative to regional comps. We’ve been shortening duration in our por

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