Just when it looked like appetite for junk debt couldn’t get any stronger, along comes Tajikistan with a successful debut Eurobond sale.
Demand for the $500 million of 10-year amortizing notes of the Central Asian republic was so high it knocked about 90 basis points off the initial price guidance, allowing the government to sell at a yield of 7.125 percent. The nation’s credit rating is six levels below investment grade at S&P Global Ratings, and for perspective, investors were paying the same rate for U.S. Treasuries 22 years ago.
