EUROPE/AFRICA

摘要

The republic of montenegro has mandated banks for a potential new issue as well as an exchange and tender offer on its outstanding bonds that come with an unusual twist. The sovereign is offering to pay a purchase price of €103.50 for every €1 of principal tendered or exchanged for both its €200m 7.875% due 2015s and its €180m 7.25% due 2016s. That, though, is below the market price of where the two bonds are trading in the secondary. On Friday, the 2015s were quoted at 104.938-105.813, according to Tradeweb, while the 2016s were spotted at 105.813-106.75.