IMAP Portugal advises the Autonomous Region of the Azores on issuing €230mn five-year bonds
On 20th June 2023, the Autonomous Region of the Azores successfully concluded the issuance of a €230 million fixed-rate market bond, maturing in October 2028. The entire placement was carried out with professional investors and eligible counterparties.
IMAP Portugal is pleased to announce that it has acted as advisor to the Autonomous Region of the Azores on issuing five-year bonds to refinance the Region’s existing debt stock.
On 20th June 2023, the Autonomous Region of the Azores successfully concluded the issuance of a €230 million fixed-rate market bond, maturing in October 2028. The entire placement was carried out with professional investors and eligible counterparties.
After a period of market interest gathering, the final pricing of the loan amounted to 3.720%. The funds raised are intended to refinance the Region's existing debt stock and will allow repaying variable rate loans that were being penalized by the current interest rate environment.
The issue was much sought after by international investors, who subscribed around 90% of the amount issued. The growing international demand, and the recognition by the financial markets of the evolution of regional public finances, has allowed the Region to continue to diversify its sources of funding and minimize the costs with its stock of public debt.
Banco Invest, BBVA, Bankinter, and Deutsche Bank were the joint lead managers of the operation.
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