It took a few more days than expected but SERBIA was able to brush off a political hitch and sell a €2bn May 2027 bond on May 11. The sovereign was poised to open books on May 7, but a letter sent by an anonymous group to local media and the lead managers accusing the government of various misdemeanours meant the deal was delayed as some internal approvals needed to be reaffirmed. The hiccup ultimately had little effect on execution with documentation unchanged and investor interest in the deal undimmed. Indications of interest were around €lbn-€1.5bn, according to a source, indicating there was momentum behind the deal. Final demand eventually grew to over €6.5bn. "The deal flew, and even when we went to final pricing no one dropped," said a lead.
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