Citigroup has priced a $165 million private placement deal for the Bahamas' Nassau Airport, a sell-side source said.
Due to the extreme volatility that has been plaguing Treasury rates, this transaction was based on the coupon rather than a credit spread. The deal, which priced last week, was done in a single tranche, 23-year final, 15-year average life, for a 7% quarterly paid coupon, which is a 7.06% bond equivalent yield. There is a delay until November built into the deal. The price talk around the deal was 300 bps to 325 bps above Treasurys.