February 26, 2018 / 1:39 PM / a year ago

Senegal hires banks for US dollar and euro bonds

LONDON, Feb 26 (IFR) - The Republic of Senegal has mandated banks for a dual-currency bond transaction comprising US dollars and euros, according to a lead.

The dollar bond will have a maturity of 30 years, either in bullet format or with a 29-year weighted average life. The euro bond will have a maturity of up to 10 years, and a weighted average life of up to nine years.

Investor meetings in the United States and Europe will commence on February 28.

The sovereign has also announced an offer to buy back up to US$150m of its US$500m 8.75% due 2021 notes.

The tender deadline falls on March 5.

BNP Paribas, Citigroup, Deutsche Bank, Natixis, Societe Generale and Standard Chartered are the lead banks.

Senegal is rated Ba3 by Moody’s and B+ by S&P. (Reporting by Robert Hogg; editing by Sudip Roy)

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