TIRANA (Albania), September 21 (SeeNews) – Albania's parliament said it has approved the decision of the government to issue a new Eurobond in international capital markets.
The raised funds will be used to reduce Albania's budget deficit and buy back part of an existing Eurobond maturing in 2020, the parliament said in a statement late on Thursday.
The government is planning a five-year Eurobond of up to 500 million euro ($586 million), Arben Ahmetaj, minister of finance and economy, told parliament.
In May, the government approved a decision that paved the way for the finance ministry to initiate a procedure for new Eurobond issuance.
In 2015, Albania issued a 450 million euro five-year Eurobond carrying a coupon of 5.75%, down from 7.5% in its first 300 million euro Eurobond issued in 2010.
Deutsche Bank and JP Morgan Chase acted as joint lead managers of Albania’s two Eurobonds.
($ = 0.85245 euro)