IMAP Portugal leads a €120 million bond issue for the autonomus region of the Azores (Saudaçor)

IMAP is pleased to announce that the Autonomous Region of the Azores (Saudaçor), closed a bond issue of €120 million, for a term of 8 years at a fixed interest rate of 0.49%. The notes were priced at a landmark spread of just 50bps above the corresponding interpolated sovereign.

With this issue, the Autonomous Region of the Azores intends to finance its public healthcare infrastructure, as well as continue to reform its public enterprise sector.

An archipelago composed of 9 volcanic islands in the North Atlantic Ocean, the Azores is one of two Portuguese autonomous regions.

This bond issue comes after IMAP Portugal successfully acted as rating advisor to the Regional Government, in obtaining investment grade status from Fitch and DBRS.

Banco Invest (Invest Corporate Finance – IMAP Portugal) and Banco Santander, acted as Joint Lead Managers and Bookrunners. Millennium BCP acted as Co-lead Manager.

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