Lithuania's 500 mln eurobond issue sold out

Lithuania has successfully tapped international financial markets with a 500-million euro benchmark eurobond transaction due 2014, with an annual coupon of 9.375 percent.
The issue was oversubscribed, with orders coming from a large number of accounts, including the US, Germany, the UK, and Scandinavia. The quick turnaround of this public placement and its five-year maturity both show that the global investment community is confident about Lithuania's prospects.
"The successful completion of this eurobond issue demonstrates a strengthening of investor confidence in Lithuania, and a favourable view of our government’s fiscal policies," said Lithuanian Prime Minister Andrius Kubilius.
"Markets are still twitchy and investors are looking for relatively high yields; however, this transaction indicates that there is positive sentiment. It is a needed injection of new money into the Lithuanian economy, which also reduces the government's financing requirements for the remainder of 2009," he added.
Lithuania's last eurobond issue on global markets took place at the end of 2007.