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US$1.5 billion Dual-Tranche Bond Offering
Republic of Costa Rica Case Study
Strictly Private and Confidential
Pricing Date: November 12, 2019
Citigroup Global Markets Inc. | Banking, Capital Markets & Advisory
Republic of Costa Rica | US$1.5 Billion Dual-Tranche Bond Offering On November 12, 2019, the Republic of Costa Rica priced a US$1.5 billion dual-tranche offering consisting of US$1.2 billion in 6.125% Notes due 2031 and
US$300.0 million of a tap to the existing 7.158% Notes due 2045. The new Notes priced at 99.077% and 98.925% to yield 6.250% and 7.250%, respectively.
The transaction marks the Republic’s return to the international capital markets since March 2015. Citi acted as Joint Bookrunner in the transaction.
This landmark transaction marks the return of Costa Rica to the international capital markets since
March 2015
Key Transaction Highlights
Key Offering Terms
Issuer: Republic of Costa Rica
Format: 144A / Reg S
Ranking: Senior Unsecured
Issue Ratings: B1 / B+ / B+ (all negative)
Currency: US$
Transaction: New Notes due 2031 March 2045 Reopening
Tenor: Long 11-Year (~10.3-Year WAL) 25.4-Year WAL
Size: US$1.2 billion US$300.0 million
New Size: N/A US$1.3 billion
Final Maturity: February 19,2031 March 12, 2045
Amortization: Three equal annual payments
(2029, 2030, 2031) Bullet
Coupon: 6.125% 7.158%
Price: 99.077% 98.925%
Yield: 6.250% 7.250%
Optional
Redemption: MWC T+50 bps MWC T+50 bps
Use of Proceeds: Budgetary Needs, including refinancing of debt
Denominations: US$200k x US$1k
Listing: Luxembourg Stock Exchange / Euro MTF
Governing Law: State of New York
Joint Bookrunners: +1
Settlement Date: T+5 (November 19, 2019)
This dual-tranche offering represents the largest ever deal executed by the Republic in the
international debt markets
The quality and size of the orderbook demonstrates the broad investor support to the Costa Rica
credit and the continuous support of long time Costa Rica investors
Execution Overview
On the back of the success of the Roadshow and positive feedback received from investors, at New York
open, the Republic of Costa Rica announced Initial Price Thoughts (IPTs) of mid-to-high 6% for Costa
Rica’s 2031 Notes and mid-to-high 7s for the tap of the 2045 Notes
Following the announcement, demand for the offering gained strong momentum, with the orderbook
growing quickly with topline orders coming from a combination of blue chip investors
The transaction’s orderbook reached US$7.6 billion at its peak, representing an oversubscription ratio
of ~5.1x, with US$4.6 billion in the 2031 notes and US$3.0 billion in the tap of the 2045
The quality of the orderbook allowed the Republic to release price guidance of 6.375% area (+/- 18th)
and 7.375% area (+/- 1/8th) for the new 2031 and the 2045 Notes, respectively. Ultimately Costa Rica
launched the transaction at 6.250% and 7.250%, a yield ~50.0 bps tighter than IPTs for both tranches.
Despite the aggressive tightening the final orderbook settled at US$6.5 billion with the majority of
accounts reaffirming orders
On their first trading date, both notes had positive performance in the secondary market. The 2031 notes
had a closing price of 100.50, while the 2045 closed with a price of 100.45. This represents an increase in
price of 1.42 and 1.53 for the 2031 and 2045 notes, respectively. This was driven by the demand of
accounts willing to complete their non allocated bids in the primary offering due to oversubscription
The transaction reached an oversubscription of ~5.1x, which allowed a price tightening vs. Initial
Price Thoughts of ~50bps for both tranches, allowing the Republic to price the tap of the 2045
Notes with no new issue concession
Extended the average life of Costa Rica’s international debt and established a new, liquid 10-year
benchmark with an amortizing structure to minimize annual maturity towers, contributing to establish
an efficient secondary trading curve
The extensive four-day roadshow allowed the Republic to meet in person with more than 55 accounts
in the US and Europe to provide an update on Costa Rica’s credit and highlight key structural
developments such as the implementation of the fiscal reform
1
The transaction allows Costa Rica to complete its financing needs for 2019 and prefund part of the
requirements of 2020
The orderbook of Costa Rica’s Long 11-Year Notes reached ~US$4.6 billion in peak demand, with 206 accounts participating in the
transaction’s final orderbook through indications. Allocations met 27.9% of the final demand, with 183 accounts (88.8%) receiving
allocations. The final orderbook reached US$4.3 billion.
Total Number of Allocated Orders in Final Book: 183
Demand Met (Book Allocation / Book Indication): 27.93%
Demand Met (Accounts Allocated / All Accounts): 88.83%
Average Indication: US$20.9 million
Median Indication: US$6.9 million
Average Allocation: US$5.8 million
Median Allocation: US$0.5 million
es Republic of Costa Rica | US$1.2 billion 6.125% Notes due 2031
Distribution by Ticket Size Categorized (x-axis) by US$ Amount (in US$ mm)
Distribution by Number of Accounts Categorized (x-axis) by US$ Amount (in US$ mm)
Orderbook by Type of Investor Orderbook by Region
Indication Allocation Indication Allocation
92
3829
2110
16
146
814 10
3 20
20
40
60
80
100
120
140
160
<= 5 >5 to 10 >10 to 25 >25 to 50 >50 to 75 >75
Nu
mb
er
of
Ac
co
un
ts
Ticket Size (US$ Millions)
Indication (2031)
Allocation (2031)
231 301
505
785660
1,814
15862
295 340180 165
0
500
1,000
1,500
2,000
<= 5 >5 to 10 >10 to 25 >25 to 50 >50 to 75 >75
US
$ M
illio
n
Ticket Size (US$ Millions)
Indication (2031)
Allocation (2031)
65.9% 2.3%
7.4%
17.4%
5.1%
2.0% 0.0% Asset Manager
Insurance
Bank & Trust
Hedge Fund
Private Bank
Broker Dealer
Pension Fund
80.40%
3.79%
2.87%
11.18% 1.40%
0.36%
0.00%
58% 33%
2% 8% United States
Europe
Asia
Latin America 75%
20%
1% 4%
2
Cost Rica’s tap of the existing 2045 Notes generated ~US$3.0 billion of indications of interest at the peak, with 157
accounts participating in the final orderbook. Final allocations met 13.8% of final demand, with 86 accounts (54.8%)
receiving allocations. The final order book reached US$2.2 billion.
Distribution by Ticket Size Categorized (x-axis) by US$ Amount (in US$ mm)
Distribution by Number of Accounts Categorized (x-axis) by US$ Amount (in US$ mm)
Total Number of Allocated Orders in Final Book: 86
Demand Met (Book Allocation / Book Indication): 13.82%
Demand Met (Accounts Allocated / All Accounts): 54.78%
Average Indication: US$8.8 million
Median Indication: US$2.0 million
Average Allocation: US$1.2 million
Median Allocation: US$0.5 million
Orderbook by Type
es Republic of Costa Rica | US$300 million tap 7.158% Notes due 2045
Orderbook by Region
Indication Allocation Indication Allocation
215248
295
664
510
273
8954
162
0 0 00
100
200
300
400
500
600
700
<= 5 >5 to 10 >10 to 25 >25 to 50 >50 to 75 >75
US
$ M
illio
n
Ticket Size (US$ Millions)
Indication (2045)
Allocation (2045)
82
30
16 18
83
73
6 80 0 0
0
10
20
30
40
50
60
70
80
90
<= 5 >5 to 10 >10 to 25 >25 to 50 >50 to 75 >75
Nu
mb
er
of
Acco
un
ts
Ticket Size (US$ Millions)
Indication (2045)
Allocation (2045)
63%
3%
5%
19%
9%
1%
Asset Manager
Insurance
Bank & Trust
Hedge Fund
Private Bank
Broker Dealer
Pension Fund
84%
3% 3%
9% 1.2%
0.1%
48%
44%
4% 4% United States
Europe
Asia
Latin America
76%
21%
1%
2%
3
Republic of Costa Rica | US$1.5 Billion Dual-Tranche Bond Offering
(*) accounts visited during roadshow that received allocations in the final orderbook
accounts visited during roadshow that expressed indications in final orderbook
Roadshow Investor Meetings by City
Wed, Nov 6 Thurs, Nov 7 Fri, Nov 8 Mon, Nov 11
Los Angeles New York Boston London
AMIA*
Ashmore*
Aventicum*
AXA
Blackrock*
BlueBay AM*
BMO Global AM
BNP Paribas AM
Fidelity*
Finisterre*
Franklin
GoldenTree*
GSAM*
HBK Global
Insight*
Investec*
Jupiter
M&G
Macquarie
Merian Global
Newton IM
Observatory*
Pictet*
Pioneer
PineBridge
RBC Global
Standard Life
London
Los Angeles
London
New York Boston
Costa Rica
CAPRE*
Doubleline
Payden & Rygel*
PIMCO*
T Rowe*
TCW*
WAMCO*
Los Angeles
Barings*
Eaton Vance*
Fidelity*
GMO
Loomis
Manulife*
MFS*
Standish Mellon*
Wellington*
Boston
AIG*
AllianceBernstein*
Brandywine*
Columbia
GoldenTree*
JPMorgan IM*
Lazard
Lord Abbett
Marathon*
MEAG
Metlife*
Mid Atlantic*
Morgan Stanley IM*
Neuberger Berman*
Nomura*
NWI
Oppenheimer
Prudential
Schroder
TIAA-CREF*
Van Eck*
Vanguard*
Warlander*
Value Partners* (Call
Asia)
New York
During the days preceding the transaction, the Republic conducted an extensive four-day roadshow in the U.S. and the UK, where Costa Rica
met with top Emerging Markets accounts to provide an update on Costa Rica’s credit and highlight key structural developments such as the
implementation of the fiscal reform. Additionally, client calls where conducted to complement the meetings.
4
The Republic achieved an investor hit ratio of ~76%(1) of accounts visited
during the roadshow.
(1) Hit Ratio is calculated as the number of accounts visited during the roadshow that participated in the transaction divided by the total number of accounts visited.
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
8:49 AM 9:10 AM 9:30 AM 10:00 AM 10:30 AM 11:00 AM 11:30 AM 12:15 PM 13:30:00 PM 14:30:00 PM
Note: Hour Axis in New York Time; not to scale
Costa Rica’s orderbook grew quickly over the course of the morning of pricing day, reaching ~US$7.6 billion in aggregate demand across both
tranches. In terms of orderbook distribution, 61% of the indications of interest concentrated in the new 2031 Notes and 39% on the 2045 Notes.
Republic of Costa Rica | Bookbuilding Process and Orderbook Evolution
8:42 AM
IPTs Announced
New 2031: mid-to-high 6%
2045 tap: mid-to-high 7%
1:38 PM
Transaction Launched
New 2031: US$1.2 bn @ 6.250%
2045 tap: US$300 mm @ 7.250%
4:21 PM
Transaction Priced
10:45 AM
Books Go Subject
Orderbook Evolution Orderbook size reached at peak over ~US$7.6 billion in demand.
Final book at US$6.5 billion
11:56 AM
Final Guidance
New 2031: 6.375% (+/- 1/8th)
2045 tap: 7.375% (+/- 1/8th)
5
Republic of Costa Rica I New Issue Orderbook Drill Down
Investor Indication (2031) Allocation (2031) Indication (2045) Allocation (2045) Total Indication Total Allocation Region Type
Alliance Bernstein 235,000,000 85,000,000 62,000,000 25,000,000 297,000,000 110,000,000 US Asset Manager
Pacific Investment Mgmt - PIMCO 80,000,000 80,000,000 40,000,000 25,000,000 120,000,000 105,000,000 US Asset Manager
Wellington Management Company 126,490,000 60,000,000 42,050,000 20,000,000 168,540,000 80,000,000 US Asset Manager
Blackrock Financial Mgmt - NY 74,450,000 50,000,000 83,400,000 25,000,000 157,850,000 75,000,000 US Asset Manager
Western Asset Mgmt Us -Wamco 90,000,000 50,000,000 40,000,000 20,000,000 130,000,000 70,000,000 US Asset Manager
Jpmorgan Asset Mgmt 115,000,000 60,000,000 90,000,000 - 205,000,000 60,000,000 US Asset Manager
Payden & Rygel 160,000,000 60,000,000 160,000,000 60,000,000 US Asset Manager
Mass Financial Services (Mfs) 63,000,000 30,000,000 73,000,000 20,000,000 136,000,000 50,000,000 US Asset Manager
Goldman Sachs Asset Management 50,000,000 30,000,000 25,000,000 15,000,000 75,000,000 45,000,000 US Asset Manager
Goldentree Asset Mgmt 110,000,000 30,000,000 62,000,000 10,000,000 172,000,000 40,000,000 US Asset Manager
Metropolitan Life Investment Ltd 60,000,000 30,000,000 55,000,000 10,000,000 115,000,000 40,000,000 US Insurance
Marathon Asset Management Llc 50,000,000 25,000,000 50,000,000 12,000,000 100,000,000 37,000,000 US Hedge Fund
Bluebay Asset Management 90,000,000 30,000,000 30,000,000 5,000,000 120,000,000 35,000,000 Europe Hedge Fund
Neuberger & Berman 100,000,000 30,000,000 40,000,000 5,000,000 140,000,000 35,000,000 US Asset Manager
Bac San Jose Puesto Bolsa Sa 156,000,000 25,000,000 40,000,000 7,000,000 196,000,000 32,000,000 LatAm Bank & Trust
Amundi Am Uk 74,700,000 20,000,000 74,500,000 10,000,000 149,200,000 30,000,000 Europe Asset Manager
Ashmore Investment Mgmt Ltd 100,000,000 30,000,000 100,000,000 30,000,000 Europe Asset Manager
Aviva Investors Global Serv 97,000,000 20,000,000 63,000,000 10,000,000 160,000,000 30,000,000 Europe Asset Manager
Finisterre Capital Llp 90,000,000 30,000,000 - - 90,000,000 30,000,000 Europe Hedge Fund
Hsbc Global Asset Management Usa 70,000,000 25,000,000 12,000,000 5,000,000 82,000,000 30,000,000 US Asset Manager
Vanguard Funds Group 41,000,000 21,000,000 15,000,000 7,000,000 56,000,000 28,000,000 US Asset Manager
Capital Research Global 50,000,000 20,000,000 10,000,000 5,000,000 60,000,000 25,000,000 US Asset Manager
Eaton Vance 65,000,000 25,000,000 65,000,000 25,000,000 US Asset Manager
Morgan Stanley Inv Mgmt 75,000,000 25,000,000 75,000,000 25,000,000 US Asset Manager
PGIM 52,000,000 20,000,000 52,000,000 20,000,000 US Asset Manager
Stone Harbor Investment Partners Lp 75,000,000 20,000,000 75,000,000 20,000,000 US Hedge Fund
Trust Company Of The West - TCW 30,000,000 20,000,000 - - 30,000,000 20,000,000 US Asset Manager
Legal And General 23,050,000 12,000,000 7,400,000 4,500,000 30,450,000 16,500,000 US Asset Manager
Barings (Uk) Ltd 20,000,000 15,000,000 20,000,000 15,000,000 Europe Asset Manager
Fidelity International (Fil) 42,000,000 10,000,000 27,000,000 5,000,000 69,000,000 15,000,000 US Asset Manager
Investec Asset Management Uk 26,200,000 10,000,000 26,700,000 5,000,000 52,900,000 15,000,000 Europe Asset Manager
T Rowe Price 30,500,000 15,000,000 350,000 30,850,000 15,000,000 US Asset Manager
Pictet Am 30,800,000 7,000,000 30,800,000 5,000,000 61,600,000 12,000,000 Europe Asset Manager
Union Investment Gesellschaft 39,500,000 7,000,000 38,500,000 5,000,000 78,000,000 12,000,000 Europe Asset Manager
UBS AM 9,700,000 7,200,000 5,800,000 3,800,000 15,500,000 11,000,000 US Asset Manager
Amia Capital 40,000,000 5,000,000 60,000,000 5,000,000 100,000,000 10,000,000 Europe Hedge Fund
Banco Lafise Bancentro Sa 55,000,000 8,000,000 55,000,000 8,000,000 LatAm Private Bank
Danske Bank 30,000,000 5,000,000 30,000,000 3,000,000 60,000,000 8,000,000 Europe Asset Manager
Aig Global (America Intl Grp) 10,000,000 7,000,000 10,000,000 7,000,000 US Insurance
Tiaa Global Asset Mgmt 12,550,000 7,000,000 12,550,000 7,000,000 US Asset Manager
Deka Investment Gmbh 23,200,000 5,000,000 15,200,000 38,400,000 5,000,000 Europe Asset Manager
Eurizon Am 11,000,000 3,000,000 17,700,000 2,000,000 28,700,000 5,000,000 Europe Asset Manager
Gml Capital Llp 20,000,000 5,000,000 15,000,000 - 35,000,000 5,000,000 Europe Asset Manager
Manulife Asset Management (US) 5,000,000 5,000,000 5,000,000 - 10,000,000 5,000,000 US Insurance
Ostrum Asset Management 21,000,000 5,000,000 9,000,000 - 30,000,000 5,000,000 Europe Asset Manager
Rogge Global Partners 11,950,000 5,000,000 11,950,000 5,000,000 Europe Asset Manager
Value Partners 20,000,000 5,000,000 20,000,000 - 40,000,000 5,000,000 Asia Asset Manager
Fidelity Management & Research 2,650,000 2,650,000 2,100,000 2,100,000 4,750,000 4,750,000 US Asset Manager
Invesco Capital Management 2,750,000 2,750,000 3,450,000 2,000,000 6,200,000 4,750,000 US Asset Manager
Bluecrest Capital Management (New York), L.P. 31,000,000 4,000,000 25,000,000 500,000 56,000,000 4,500,000 US Hedge Fund
6
Republic of Costa Rica I New Issue Orderbook Drill Down (Cont’d)
Investor Indication (2031) Allocation (2031) Indication (2045) Allocation (2045) Total Indication Total Allocation Region Type
BFAM 20,000,000 3,000,000 20,000,000 1,000,000 40,000,000 4,000,000 Asia Hedge Fund
Nn Investment Partners 25,000,000 4,000,000 25,000,000 4,000,000 US Asset Manager
United National Bank Ltd 30,000,000 3,000,000 15,000,000 1,000,000 45,000,000 4,000,000 Europe Private Bank
APG Investments Europe 10,000,000 3,000,000 10,000,000 3,000,000 Europe Asset Manager
Kls Diversified Asset Management 50,000,000 3,000,000 50,000,000 3,000,000 US Asset Manager
Silver Ridge Asset Mgmt US LP 100,000,000 2,000,000 100,000,000 1,000,000 200,000,000 3,000,000 US Asset Manager
Voya Investment Management 5,000,000 3,000,000 5,000,000 3,000,000 US Asset Manager
Exoduspoint Capital Management Uk, LLP 110,000,000 2,000,000 50,000,000 500,000 160,000,000 2,500,000 Europe Hedge Fund
Aetna Asset Mgmt 10,000,000 2,000,000 10,000,000 2,000,000 US Hedge Fund
Banco DAVIVIENDA 10,000,000 2,000,000 10,000,000 2,000,000 LatAm Bank & Trust
Bluecrest Capital 15,000,000 2,000,000 15,000,000 - 30,000,000 2,000,000 Europe Hedge Fund
Bluecrest Capital 15,000,000 2,000,000 15,000,000 2,000,000 Europe Hedge Fund
Carmignac Gestion SA 6,000,000 2,000,000 6,000,000 - 12,000,000 2,000,000 Europe Asset Manager
Fundamenta Asset Mgmt 25,000,000 2,000,000 25,000,000 2,000,000 LatAm Asset Manager
Gaoteng Global Asset Man Ltd 20,000,000 2,000,000 20,000,000 2,000,000 Asia Asset Manager
Guarantee Life Ins 10,000,000 2,000,000 - - 10,000,000 2,000,000 US Insurance
Pensions Forsikrings Anstalten 6,000,000 2,000,000 6,000,000 2,000,000 Europe Asset Manager
Pohjola 11,000,000 2,000,000 11,000,000 2,000,000 Europe Asset Manager
United Overseas Bank Asset Management 5,000,000 2,000,000 5,000,000 2,000,000 Asia Asset Manager
Nomura Asset Management 1,500,000 1,500,000 1,000,000 400,000 2,500,000 1,900,000 US Asset Manager
Aktia Asset Management 5,800,000 1,000,000 4,300,000 500,000 10,100,000 1,500,000 Europe Asset Manager
Analytical Research Cm Lp 15,000,000 1,000,000 15,000,000 500,000 30,000,000 1,500,000 US Asset Manager
Aventicum Capital Management 10,000,000 1,000,000 5,000,000 500,000 15,000,000 1,500,000 Europe Asset Manager
Eastspring Investments Singapore Ltd 3,000,000 1,000,000 3,000,000 500,000 6,000,000 1,500,000 Asia Asset Manager
Greylock Capital Management 15,000,000 1,500,000 10,000,000 - 25,000,000 1,500,000 US Hedge Fund
Saba Capital Management Lp 5,000,000 1,000,000 5,000,000 500,000 10,000,000 1,500,000 US Hedge Fund
Mellon 1,450,000 1,450,000 1,450,000 1,450,000 US Asset Manager
Fideuram Am Ireland Ltd 4,500,000 200,000 2,500,000 1,000,000 7,000,000 1,200,000 Europe Asset Manager
Marshall Wace Asset Mgmt - Uk 40,000,000 1,000,000 20,000,000 200,000 60,000,000 1,200,000 Europe Asset Manager
Millennium Partners 8,000,000 1,000,000 8,000,000 200,000 16,000,000 1,200,000 US Asset Manager
Observatory Capital Mgmt Llp (Brummer) 22,500,000 1,000,000 7,500,000 200,000 30,000,000 1,200,000 Europe Hedge Fund
Ultralat Securities Inc. 85,000,000 1,000,000 10,000,000 200,000 95,000,000 1,200,000 US Bank & Trust
Actinver Capital Man LLC 10,000,000 1,000,000 10,000,000 1,000,000 LatAm Broker Dealer
Agp/Alliance Global Partners Corp 2,000,000 1,000,000 2,000,000 1,000,000 US Broker Dealer
Av Securities Inc 50,500,000 1,000,000 500,000 - 51,000,000 1,000,000 LatAm Broker Dealer
Az Fund Management S.A. 15,000,000 1,000,000 15,000,000 1,000,000 Europe Asset Manager
Bankhaus Lampe 10,000,000 500,000 10,000,000 500,000 20,000,000 1,000,000 Europe Private Bank
Cargill Inc 7,000,000 1,000,000 7,000,000 1,000,000 US Asset Manager
Corporation Financiere Europeenne Sa 6,000,000 1,000,000 6,000,000 - 12,000,000 1,000,000 Europe Asset Manager
Elo Mutual Pension Insurance Co 5,000,000 500,000 5,000,000 500,000 10,000,000 1,000,000 Europe Insurance
Fort Washington Inv Advisors 1,000,000 1,000,000 1,000,000 1,000,000 US Asset Manager
Glen Point Capital LLP 20,000,000 1,000,000 20,000,000 1,000,000 Europe Hedge Fund
Ins Valores Puesto De Bolsa Sa 6,800,000 1,000,000 6,800,000 1,000,000 LatAm Asset Manager
Insight Securities Inc 4,500,000 1,000,000 4,500,000 1,000,000 US Asset Manager
Newfleet Asset Management LLC 3,000,000 1,000,000 3,000,000 1,000,000 US Asset Manager
Sun Global Investments Limited 2,500,000 1,000,000 2,500,000 - 5,000,000 1,000,000 Europe Asset Manager
Van Eck Global 7,000,000 1,000,000 7,000,000 1,000,000 US Asset Manager
Warlander Asset Management 15,000,000 1,000,000 15,000,000 1,000,000 US Hedge Fund
Bluefin Europe LLP 6,000,000 500,000 6,000,000 200,000 12,000,000 700,000 Europe Hedge Fund
Dz Privatbank (Schweiz) AG 2,000,000 500,000 2,000,000 200,000 4,000,000 700,000 Europe Private Bank
7
Republic of Costa Rica I New Issue Orderbook Drill Down (Cont’d)
Investor Indication (2031) Allocation (2031) Indication (2045) Allocation (2045) Total Indication Total Allocation Region Type
EFG Capital International 17,000,000 500,000 17,000,000 500,000 US Hedge Fund
Hauck & Aufh?User Asset Management Gmbh 2,000,000 500,000 2,000,000 200,000 4,000,000 700,000 Europe Private Bank
Isp Financial Services Ag 2,000,000 500,000 2,000,000 200,000 4,000,000 700,000 LatAm Private Bank
Jane Street Capital 40,000,000 500,000 40,000,000 200,000 80,000,000 700,000 Europe Hedge Fund
Mid Atlantic Capital Management 10,000,000 500,000 10,000,000 200,000 20,000,000 700,000 US Hedge Fund
Mm Warburg & Co Kgaa 5,000,000 500,000 5,000,000 200,000 10,000,000 700,000 Europe Private Bank
Steubing Asset Management 6,000,000 500,000 6,000,000 200,000 12,000,000 700,000 Europe Hedge Fund
Ubs Zurich 49,000,000 500,000 31,600,000 200,000 80,600,000 700,000 Europe Private Bank
V-Bank Ag 3,000,000 500,000 3,000,000 200,000 6,000,000 700,000 Europe Bank & Trust
Volksbank 3,000,000 500,000 3,000,000 200,000 6,000,000 700,000 Europe Bank & Trust
Wells Fargo Advisors 9,900,000 200,000 500,000 500,000 10,400,000 700,000 US Broker Dealer
Credit Suisse Pb 11,000,000 200,000 15,000,000 400,000 26,000,000 600,000 Europe Private Bank
Raiffeisen Kapitalanlage 6,000,000 400,000 2,000,000 200,000 8,000,000 600,000 Europe Asset Manager
Citibank Private Bkg Group 7,500,000 390,000 7,000,000 200,000 14,500,000 590,000 US Private Bank
Advent 8,000,000 500,000 8,000,000 500,000 US Asset Manager
Alm Brands Bank 5,000,000 500,000 5,000,000 - 10,000,000 500,000 Europe Bank & Trust
Anchorage Advisors 30,000,000 500,000 30,000,000 500,000 US Hedge Fund
Anima Sgr 15,000,000 500,000 15,000,000 500,000 Europe Asset Manager
Arca 5,000,000 500,000 2,000,000 - 7,000,000 500,000 US Insurance
Bank J Safra Sarasin 5,700,000 500,000 2,000,000 - 7,700,000 500,000 Europe Private Bank
Coherence Capital Partners, Llc 8,000,000 500,000 8,000,000 - 16,000,000 500,000 US Asset Manager
Donner & Reuschel Am 7,000,000 500,000 7,000,000 500,000 Europe Bank & Trust
Dz Bank Ag 1,000,000 500,000 1,000,000 500,000 Europe Bank & Trust
Gables Asset Management 4,000,000 500,000 4,000,000 500,000 US Asset Manager
Ikona Capital Llc 6,000,000 500,000 6,000,000 500,000 US Asset Manager
Investment Placement Group 6,000,000 500,000 3,000,000 - 9,000,000 500,000 US Asset Manager
Invex, Casa De Bolsa 3,000,000 500,000 10,000,000 13,000,000 500,000 LatAm Bank & Trust
Kepler Fonds Kag 1,900,000 500,000 1,900,000 500,000 Europe Asset Manager
Negocios Y Valores Sa Corr De 7,000,000 500,000 10,000,000 - 17,000,000 500,000 LatAm Broker Dealer
Pala Assets Holdings Ltd 10,000,000 500,000 10,000,000 500,000 Europe Asset Manager
Pensiondanmark 1,000,000 500,000 1,000,000 - 2,000,000 500,000 Europe Asset Manager
Quish & Co. Ltd 8,000,000 500,000 8,000,000 - 16,000,000 500,000 US Asset Manager
Rsb Geld-Und Wertpapierhandels 5,000,000 500,000 5,000,000 - 10,000,000 500,000 Europe Bank & Trust
Safra National Bank Of Ny 1,000,000 500,000 1,000,000 500,000 US Bank & Trust
Statetrust Capital Llc 5,000,000 500,000 5,000,000 500,000 US Asset Manager
Vendome Asset Mgmt Ltd 2,000,000 500,000 2,000,000 - 4,000,000 500,000 US Asset Manager
Virobel Wealth Management Sa 5,000,000 500,000 2,000,000 - 7,000,000 500,000 Europe Private Bank
Zurcher Kantonalbank Zurich 2,000,000 500,000 2,000,000 - 4,000,000 500,000 Europe Insurance
Banca Promos Spa 1,000,000 200,000 1,000,000 200,000 2,000,000 400,000 Europe Bank & Trust
Bankinter 3,000,000 200,000 3,000,000 200,000 6,000,000 400,000 Europe Bank & Trust
Banque Cantonale Vaudoise 2,000,000 200,000 2,000,000 200,000 4,000,000 400,000 Europe Bank & Trust
Banque J. Safra (Monaco) Sa 10,200,000 200,000 10,000,000 200,000 20,200,000 400,000 Europe Private Bank
Bolsa Nacional De Valores 200,000 200,000 400,000 200,000 600,000 400,000 LatAm Broker Dealer
Ckc Capital Llc 3,000,000 200,000 3,000,000 200,000 6,000,000 400,000 US Asset Manager
Euromobiliare Asset Management 600,000 200,000 600,000 200,000 1,200,000 400,000 Europe Asset Manager
Helaba Invest 4,500,000 200,000 1,800,000 200,000 6,300,000 400,000 Europe Asset Manager
Mn Services 4,000,000 200,000 4,000,000 200,000 8,000,000 400,000 Europe Asset Manager
Reuss Private Ag 3,000,000 200,000 4,000,000 200,000 7,000,000 400,000 Europe Asset Manager
UNIVERSAL INVESTMENT GMBH 400,000 400,000 400,000 400,000 Europe Hedge Fund
Credit Europe Bank (Suisse) Sa 3,000,000 300,000 3,000,000 - 6,000,000 300,000 Europe Bank & Trust
8
Republic of Costa Rica I New Issue Orderbook Drill Down (Cont’d)
Investor Indication (2031) Allocation (2031) Indication (2045) Allocation (2045) Total Indication Total Allocation Region Type
Brandywine Global Inv Mgmt 260,000 260,000 - - 260,000 260,000 US Asset Manager
Abanca Corporacion Bancaria 2,500,000 200,000 2,500,000 200,000 Europe Bank & Trust
Acf, Xestion Inmobiliaria 3,000,000 200,000 3,000,000 - 6,000,000 200,000 Europe Asset Manager
Auriga Investors 1,000,000 200,000 1,000,000 200,000 Europe Bank & Trust
Azimut Capital Management 15,000,000 - 4,000,000 200,000 19,000,000 200,000 Europe Asset Manager
Banco Etcheverria Sa 2,500,000 200,000 2,500,000 200,000 Europe Bank & Trust
Bank Hapoalim 2,500,000 200,000 2,500,000 - 5,000,000 200,000 US Private Bank
Bank Vontobel Ag 2,000,000 200,000 60,000,000 62,000,000 200,000 Europe Private Bank
Banque Degroof Luxembourg 4,000,000 200,000 4,000,000 - 8,000,000 200,000 Europe Bank & Trust
Barclays Stockbrokers Ltd 200,000 200,000 200,000 - 400,000 200,000 Europe Hedge Fund
Blaylock Van Llc 2,000,000 200,000 2,000,000 - 4,000,000 200,000 US Broker Dealer
Brick Lane Capital Mgmt Ltd 3,000,000 200,000 2,000,000 - 5,000,000 200,000 Europe Hedge Fund
Btg Investments Lp 2,000,000 200,000 7,000,000 - 9,000,000 200,000 LatAm Asset Manager
Cedar Lane Capital Llc 2,500,000 200,000 2,500,000 - 5,000,000 200,000 US Hedge Fund
Cim Banque Geneva 1,000,000 200,000 1,000,000 - 2,000,000 200,000 Europe Private Bank
Citypoint Capital Management 3,000,000 200,000 3,000,000 200,000 Europe Asset Manager
Efg Bank Ag 800,000 200,000 800,000 200,000 Europe Bank & Trust
Excellence Nessuah Brokerage 5,000,000 200,000 5,000,000 200,000 Asia Asset Manager
IDB Capital Corp. 300,000 200,000 300,000 200,000 US Bank & Trust
Israel Discount Bank 3,000,000 - 3,000,000 200,000 6,000,000 200,000 Asia Private Bank
Jyske Invest 3,000,000 - 3,000,000 200,000 6,000,000 200,000 Europe Private Bank
Lgt Bank - Liechtenstein 2,000,000 200,000 2,000,000 - 4,000,000 200,000 Europe Private Bank
LIECHTENSTEINISCHE LANDESBANK 2,000,000 200,000 2,000,000 200,000 Europe Bank & Trust
Meitav Ds Investments 2,000,000 200,000 2,000,000 200,000 Asia Hedge Fund
Mns International Llc 2,000,000 200,000 2,000,000 - 4,000,000 200,000 US Asset Manager
Murex Cap Llc 2,000,000 200,000 2,000,000 200,000 LatAm Asset Manager
Old Mission Capital Holdings 3,000,000 200,000 3,000,000 - 6,000,000 200,000 US Broker Dealer
Peregrine & Black Ltd 4,000,000 200,000 4,000,000 200,000 Europe Asset Manager
Providentia Capital Llp 3,000,000 200,000 3,000,000 - 6,000,000 200,000 Europe Hedge Fund
Quirin Bank Ag 2,000,000 200,000 2,000,000 200,000 Europe Bank & Trust
Schilling Bank Hammelburg 2,000,000 200,000 2,000,000 200,000 Europe Bank & Trust
Swiss Merchant Group Ag 2,000,000 200,000 1,000,000 - 3,000,000 200,000 Europe Bank & Trust
Ubp Geneva 3,000,000 200,000 3,000,000 200,000 Europe Private Bank
Valcourt Sa 600,000 200,000 600,000 200,000 Europe Asset Manager
Wegelin & Co 2,000,000 200,000 2,000,000 200,000 Europe Hedge Fund
Adia Middle East 3,500,000 - 3,500,000 - Asia Asset Manager
Aetna Life Insurance 5,000,000 - 5,000,000 - US Insurance
Asfid Capital Sa 5,000,000 - 5,000,000 - Europe Asset Manager
Atlantide Asset Management Ltd 19,000,000 - 19,000,000 - 38,000,000 - Europe Asset Manager
Banco Santander Intl 2,000,000 - 4,000,000 - 6,000,000 - Europe Bank & Trust
BANK CIAL 1,000,000 - 1,000,000 - Europe Private Bank
Banque De Commerce Et De Place 1,000,000 - 1,000,000 - 2,000,000 - Europe Bank & Trust
Berkeley Asset Management Llp 7,000,000 - 7,000,000 - 14,000,000 - US Asset Manager
BMO Asset Mgmt 27,000,000 - - - 27,000,000 - US Asset Manager
Bridport And Company 200,000 - 200,000 - Europe Asset Manager
Columbia Threadneedle - Us 7,400,000 - 7,400,000 - US Asset Manager
Edmond de Rothschild France 400,000 - 400,000 - Europe Private Bank
Fiera Capital - - - - US Asset Manager
Grantham Mayo - - - - - US Hedge Fund
Hamilton Stuart Capital Ltd 4,000,000 - 4,000,000 - 8,000,000 - Europe Hedge Fund
9
Republic of Costa Rica I New Issue Orderbook Drill Down (Cont’d)
Investor Indication (2031) Allocation (2031) Indication (2045) Allocation (2045) Total Indication Total Allocation Region Type
Hsbc Private Bank Geneva 10,000,000 - 10,000,000 - 20,000,000 - Europe Private Bank
Ibp Markets Ltd 2,000,000 - 2,000,000 - Europe Broker Dealer
Insight Investment Management Uk 8,300,000 - 8,300,000 - 16,600,000 - Europe Asset Manager
Inverseguros 5,000,000 - 5,000,000 - Europe Insurance
M&G Investment Management Ltd 25,000,000 - 25,000,000 - 50,000,000 - Europe Asset Manager
Magma Asset Management 4,000,000 - 4,000,000 - 8,000,000 - Europe Asset Manager
Meag Munich Ergo Am Gmbh 47,000,000 - 47,000,000 - Europe Asset Manager
Met Capital Management Llp 10,000,000 - 10,000,000 - 20,000,000 - US Asset Manager
Mizrahi Tefahot Bank Limited 1,000,000 - 1,000,000 - Asia Private Bank
Nine Masts Capital Ltd 30,000,000 - 30,000,000 - 60,000,000 - Asia Hedge Fund
Seminario Y Cia Soc Ag De Bols 5,000,000 - 5,000,000 - LatAm Broker Dealer
Shell Asset Management Company Bv 3,000,000 - 3,000,000 - 6,000,000 - Europe Asset Manager
Spar Invest 200,000 - 2,000,000 - 2,200,000 - Europe Asset Manager
State Pension Fund Finland 6,000,000 - 6,000,000 - Europe Asset Manager
Sydbank 7,200,000 - 7,200,000 - 14,400,000 - Europe Bank & Trust
Ubp Geneva 2,000,000 - 2,000,000 - Europe Private Bank
Total 4,296,500,000 1,200,000,000 2,205,150,000 304,800,000 6,501,650,000 1,504,800,000
10
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