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.
Lasting 4 days and bringing together more IMAP members across the globe than ever before, the conference theme encompassed the 4 C’s: Commitment, Collaboration, Connection and Culture, all fundamental in the IMAP partnership’s continued success.
Maxi is a money services business, providing primarily money transfers in the US-Latin American corridor since the early 2000’s