Sagicor funds buyback with new bonds

Sagicor funds buyback with new bonds

Corporate & Sovereign Strategy Bonds Debt Fixed Income Barbados Capital Markets

Sagicor Financial raised $400 million to buy back its 2022 notes on Thursday, issuing seven-year non-call three bonds in a deal that was "significantly oversubscribed," said a source involved in the sale. The Barbados-based financial institution priced the 2028 bonds at par to yield 5.3% after it had set initial price talk in the high-5% area and put guidance in the range of 5.3% to 5.4%, the source said. JPMorgan, RBC, JMMB and Sagicor were the bookrunners on the deal, according to the source.

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