Iceland returns to market with $1bn 5yr deal

Three years after high profile banking crisis paralysed Iceland’s economy, the country makes a return to debt markets with five-year bond deal that was twice oversubscribed


Deal terms: Iceland
Issuer: Republic of Iceland
Size: $1 billion
Issue date: June 9, 2011
Maturity: June 16, 2016
Ratings: Baa3/BBB-/BB+ (Moody’s/Standard & Poor’s/Fitch)
Coupon: 4.875%
Issue price: 99.484%
Issue yield: 4.993%
Spread: Mid-swaps + 320bp
Bookrunners: Barclays Capital, Citi, UBS

In 2008 Iceland filled the headlines as its banking sector was brought to ruin. The country chose a path of bank debt restructurings, angering creditor countries but helping to make its gross external debt more

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