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Trini real-estate firm Port of Spain International Waterfront Centre and Chilean lender Banco Bci tapped the cross-border bond market on Tuesday to raise $634 million combined, according to a source familiar with the deals. Port of Spain issued $500 million worth of 15-year bonds in what was its inaugural deal in the US market, the source said. The company, which is a subsidiary of state-owned Urban Development of Trinidad and Tobago, priced the 7.875% 2035 notes at 99.338 to yield 8%. It opened the initial price talk and set guidance at around the same rate, the person said. Scotiabank was the sole bookrunner on the Rule 144A/Reg S offering, the source added. The company intends to use the funds to repay a $150 million loan from Scotiabank and to refinance other debt related to the Port of Spain International Waterfront Centre real-estate development, Fitch Ratings said last week. It rated the notes BB. SWISS BONDS Banco Bci, meanwhile, returned to the Swiss market after a two-year hiatus to raise CHF125 million ($134 million) worth of five-year notes, the source said. It priced the 1.35% 2030 notes at 100.22 to yield 1.308%, or 105 basis points over mid-swaps based on the Swiss average rate overnight after opening the initial price talk at between 105 and 110 basis points, the source said. Deutsche Bank and Zurich Cantonal Bank were bookrunners on the offering, the person added. S&P Global Ratings assigned the notes an A- rating and said the bank will use the proceeds for general corporate purposes. Bci last tapped the Swiss market in 2023, issuing notes on two occasions to cover its funding needs.
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