Fine-Tuning Market Debt

Fine-Tuning Market Debt


Andrés Conesa What did the exchange consist of? We swapped $2.3 billion of existing global bonds that mature in 2019, 2022 and 2026 and had higher coupons, dollar prices and traded wide to our curve, for $2.87 billion in new bonds. We reopened our 2014 bond, selling $793million in 10-year bonds and also the 2033, where we sold $2.06 billion of 30-year bonds. We made net present value (NPV) savings of $50 million in interest with lower coupons and dollar prices, and extended the average life of  these bonds by four years. Eliminating the higher-priced bonds means the pricing of future placements will

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