Albanian Minister of Finance Ridvan Bode announced on Thursday that the country has sold, for the first time ever, €300 million in Eurobonds with a five year maturity for a yield of 7.5 per cent.
The sale, which was managed by Deutsche Bank AG and JPMorgan Chase & Co, was postponed in April due to the adverse effect of the Greek debt crisis on emerging market bonds. This is Albania’s third attempt to place Eurobonds after another effort in early 2009 was abandoned due to the global financial crisis.
According to the Ministry of Finance, the bonds will be used to pay-off a costly syndicated loan taken in 2009 to finance part of the Albania-Kosovo highway, the country’s largest public works project in decades. The refinancing of the loan will save Albania roughly €7 million.
News source: BalkanInsight link: article
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