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The Republic of Zambia, rated B+ by Standard & Poor’s and B by Fitch, has revised yield guidance to a final 8.75% area (plus or minus 12.5bp) on a new US-dollar denominated 10-year Eurobond.
While the final size is still to be determined, it will be a maximum US$1bn. Demand for the deal is currently over US$4.25bn.
Zambia began marketing the bond at 8.75-8.875% earlier on Monday.
The benchmark-sized note will be sold under the 144a/Reg S format and is expected to price later today.
Barclays and Deutsche Bank are the lead managers. (Reporting by Sudip Roy; editing by Alex Chambers)
