North Macedonia has launched the process of issuing a six-year Eurobond to cover budget gaps for 2020 and 2021.
The government previously said that the maximum amount of the Eurobond will be €800mn.
The maximum interest rate of the new Eurobond is set at 4.5%. The process is expected to be completed on 3 June. Citigroup, Deutsche Bank, Erste Group and J.P. Morgan have been mandated to arrange the process.
Finance Minister Nina Angelovska and governor of the central bank Anita Angelovska Bezoska held a video presentation with the interested investors instead of organizing standard roadshow before the issuance of the Eurobond.
North Macedonia is rated BB- with a stable outlook by Standard & Poor’s and BB+ with a negative outlook by Fitch Ratings. North Macedonia’s finance ministry expects the budget revenues in 2020 to drop by 20% to 40% from a year earlier, according to its three scenarios drawn up in light of the coronavirus crisis.