San Miguel tightens spread on cross-border return

San Miguel tightens spread on cross-border return

Peru Bonds

San Miguel took advantage of high demand on Tuesday to print $300m in new five-year notes with a yield below 5%, sources told LatinFinance. The bookrunners Bank of America Merrill Lynch, Citi and JPMorgan started the initial price talk in the low 5% area but lowered it to 4.625% at guidance as the order books swelled to more than $3bn. The leads priced the deal at par to yield 4.5%, sources said. The bonds have a three-year non-call period. "It looked appealing at the initial pricing in the lo

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