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Iceland's Bond Sale Sees Strong Demand From US Investors

By Sarka Halas Of DOW JONES NEWSWIRES LONDON -(Dow Jones)- Iceland saw strong demand from mostly U.S.-based investors for its $1 billion bond in a deal that garnered interest from more than 210 accounts, one of the bankers working on the deal said Friday. U.S.-based investors took 82% of the total, while the U.K. and the rest of Europe took 8% and 7% respectively, said the banker. The remaining 3% was taken by other investors, mostly those based in Asia, the banker added. The offering was more than four times oversubscribed, with the order book reaching more than $4.1 billion. By investor type, fund managers took the majority at 84%, hedge funds 5%, banks 4%, and pension funds and others took 7%, said the banker. The bond is only the second since the government returned to international debt markets last July after a hiatus of more than two years. Iceland was locked out of international markets after it was forced to turn to the International Monetary Fund for a $2.1 billion bailout following the collapse of its major banks as the global credit crunch deepened. In July the government sold $1 billion worth of five-year bonds in an issue that was twice oversubscribed. The banker said that the deal points to a good recovery story and that compared to Latvia, Israel or Turkey, Iceland is flat against the curve. Finance Minister Oddny Haroardottir said in a report Friday that the sale marks another step in Iceland's medium-term debt management strategy where the aim is to secure regular access to the international capital markets. Iceland is rated Baa3 by Moody's Investors Service Inc., BBB- by Standard and Poor's Corp. and BBB- by Fitch Ratings. These levels are the lowest investment grade rating for all three agencies. The 10-year bond priced late Thursday at 407.8 basis points over Treasurys and yielding a 5.875% coupon. Deutsche Bank AG, JPMorgan Chase & Co. and UBS AG were the banks on the deal. -By Sarka Halas, Dow Jones Newswires; +44 (0) 207 842 9236; Sarka.Halasova@dowjones.com (Art Patnaude in Madrid contributed to this article)

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