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.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.