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International bonds: Ethiopia, 6.625% 11dec2024, USD (XS1151974877, 29766LAA4)

StatusCountry of riskMaturity (option)
Amount i
This field shows outstanding face value amount for outstanding bonds
Issue ratings (M/S&P/F)
outstandingEthiopia**/**/****1,000,000,000 USD***/***/***
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Yield calculation

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Issue information

BorrowerEthiopia
Bond typeCoupon bonds
Placement methodOpen subscription
Placement typePublic
Issue purposeShow
Issue purpose
The net proceeds of the issue of the Notes are expected to be approximately US$999,200,000, after deduction of commissions and estimated other expenses. The Issuer expects to use the net proceeds of the issue of the Notes to fund planned Government capital expenditure in priority areas including industrial zone development and the development of the sugar and energy industries, including projects in which the Issuer is investing together with development partners. The balance of any remaining proceeds will be used for general budgetary purposes.
Par amount, integral multiple1,000 USD
Nominal of international bonds1,000 USD
Minimum settlement amount200,000 USD
Outstanding principal amount200,000 USD
Amount1,000,000,000 USD
Outstanding face value amount1,000,000,000 USD
Placement date**/**/****
Maturity date**/**/****
Floating rateNo
Coupon Rate*.***%
Current coupon rate6.625%
Day count fraction***
ACI*** (10/24/2019)
Coupon frequency2 time(s) per year
Interest accrual date**/**/****
ListingIrish S.E.
Issue is included in calculation of indicesEuro-Cbonds Sovereign Africa, Euro-Cbonds NIG Sovereign Africa

Cbonds Valuation
i
Indicative bond and international bond quotes by Cbonds are calculated based on the methodology. The end result of the methodology is a single end-of-day Cbonds quote, which is based on bid and ask data of various trading floors and contributors working with this asset.
:

Trading floorDate and timeBid/ ask price (Yield)
Indicative price (Yield) i
Indicative price is used to calculate the effective yield, duration, modified duration and is calculated according to the following priority of prices: weighted average price (Average), market price (Market), closing price (Close), admitted price (Admitted), middle price (Mid), last price (Last). Indicative yield is calculated according to the following priority of yields: yield to maturity (effective), yield to put/call (effective), current yield.
G-spread
T-spread, bp i
T-spread is calculated as the difference between the issue yield and the yield on government securities of the USA, Great Britain and Germany in the corresponding issue currency and with comparable modified duration (the calculations are based on the effective yields only). The value is computed only for issues in USD, EUR, GBP.
CBONDS ESTIMATION
i
Indicative bond and international bond quotes by Cbonds are calculated based on the methodology described here http://ru.cbonds.com/organizations/docdownload/8715.
The end result of the methodology is a single end-of-day Cbonds quote, which is based on bid and ask data of various trading floors and contributors working with this asset.
Quotes are published both anonymously and publicly in the section Bond Quotes by Market Participants: http://cbonds.com/quotes/market/. These quotes are indicative only. Organizations posting the quotes have no obligations to conduct transactions at these prices. To learn the actual current prices, you need to contact the respective organization. Trading floor quotes are available at http://cbonds.com/quotes/.
10/22/2019*** / *** (*** / ***)*** (***)******Archive
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Bond Quotes by Market Participants

Market participantDate and timeBid/ask or last price
(Yield)
Mashreqbank10/23/2019***.** / ***.**
(*.** / *.**)
VTB Capital10/23/2019**.** / **.**
(*.** / *.**)
Anonymous participant 2010/22/2019***.**
(*.**)
Renaissance Securities (Cyprus) Limited10/22/2019- / *.**
(- / ***.**)
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Stock exchange and OTC quotes

Trading floorDate and timeBid/ ask price (Yield)
Indicative price (Yield) i
Indicative price is used to calculate the effective yield, duration, modified duration and is calculated according to the following priority of prices: weighted average price (Average), market price (Market), closing price (Close), admitted price (Admitted), middle price (Mid), last price (Last). Indicative yield is calculated according to the following priority of yields: yield to maturity (effective), yield to put/call (effective), current yield.
G-spread
T-spread, bp i
T-spread is calculated as the difference between the issue yield and the yield on government securities of the USA, Great Britain and Germany in the corresponding issue currency and with comparable modified duration (the calculations are based on the effective yields only). The value is computed only for issues in USD, EUR, GBP.
FRANKFURT S.E.10/23/2019*** / *** (*** / ***)*** (***)******Archive
STUTTGART EXCHANGE10/22/2019*** / *** (*** / ***)*** (***)******Archive
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Bond classification

Subordinated
Sinkable bond
Perpetual
Convertible
Structured product
Restructuring
Securitization
Mortgage bonds
Trace-eligible
Covered
Foreign bonds
CDO
Sukuk
Retail bonds
Supranational bond issues
Green bonds
Non-Marketable Securities

Identifiers

ISIN / ISIN RegSXS1151974877
ISIN 144AUS29766LAA44
Common Code / Common Code RegS115197487
CUSIP 144A29766LAA4
CFI / CFI RegSDBFNFR
CFI 144ADBFUGR
FIGI / FIGI RegSBBG007P9TDJ7
WKN / WKN RegSA1ZTP7
WKN 144AA1ZTP8
SEDOLBTC34Z2
FIGI 144ABBG007NSR7X6
TickerETHOPI 6.625 12/11/24 REGS

Primary placement

Issuer rating on issue date (M/S&P/F)***/***/***
Placement**/**/****
Initial issue price (yield)***% (*.***%)
Demand*,***,***,***
Number of bids***
Settlement Duration*.**
Geographic breakdownUS - **%, UK - **%, Europe - **%
Investor breakdownFund managers - **%

Participants

Bookrunner: Deutsche Bank, JP Morgan
Issuer Legal Adviser (International law): White & Case London
Arranger Legal Adviser (International law): Linklaters

Payment schedule

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Coupon dateCoupon, %Coupon payment amount, USDRedemption of principal, USD
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Show following
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Issue ratings

Ethiopia, 6.625% 11dec2024, USD

Rating AgencyRating / OutlookScaleDate
Fitch Ratings***/***LT Int. Scale (foreign curr.)10/01/2019
Moody's Investors Service ***/***LT- foreign currency09/20/2019
S&P Global Ratings***/***Foreign Currency LT12/02/2014
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Issuer ratings

Ethiopia

Rating AgencyRating / OutlookScaleDate
Dagong Global***/***International scale rating (foreign curr.)11/30/2016
Dagong Global***/***International scale rating (local curr.)11/30/2016
Fitch Ratings***/***LT Int. Scale (local curr.)10/01/2019
Fitch Ratings***/***LT Int. Scale (foreign curr.)10/01/2019
Moody's Investors Service ***/***LT- foreign currency09/20/2019
Moody's Investors Service ***/***LT- local currency09/20/2019
Organisation for Economic Co-operation and Development (OECD)***/***Country Risk Classifications06/25/2018
S&P Global Ratings***/***Foreign Currency LT05/09/2014
S&P Global Ratings***/***Local Currency LT05/09/2014
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