Pricing of USD bonds

On 16th January The Ministry of Finance priced a 10-year US$ denominated benchmark bond for a nominal amount of US$ 2 billion. The orderbook reached USD 6.5 billion. The bond maturing on 22 January 2024, with yield 4.099 percent were priced 125 basis points over the US Treasury Notes due 15 November 2023. The achieved spread is the lowest since the collapse of Lehman Brothers. The coupon has been set at 4.0 percent.
The bonds were allocated to investors from the United States (52%), UK (15%), Poland (9%), Switzerland (7%), Scandinavia (4%), Germany and Austria (3%), as well as Asia and Middle East (3%).
The institutional distribution was dominated by assets managers (73%). The bonds were also placed among pension funds and insurance companies (10%), banks (9%) as well as central banks and Sovereign Wealth Funds (8%).
The lead managers on the transaction are Barclays, Citigroup and Goldman Sachs International.