Attention in the Eurobond market was more focused on the new corporate issue by Banque de la Mediterranee, amounting to $50 million with four years maturity, and carrying a coupon of 9.5 percent. The bond was priced at 98.83 at issue giving a yield to maturity of 9.85 percent. BNP Paribas acted as the lead-manager of the dollar-denominated bond, which represented a higher yield than that of the $600 million four-year sovereign issue maturing in December 2004.
This week’s deal was the first trip by Mediterranee to the eurobond market since September 1999, when it sold $125 million of three-year euro-certificates of deposit with an 8.5 percent coupon rate.
Otherwise, the local eurobond market saw little activity. — ( Banque du Liban et d'Outre-Mer Sal )
© 2001 Mena Report (www.menareport.com)
