VILNIUS - Lithuania will begin placing 600 million euros' worth of nine-year eurobonds on Feb. 27, the Finance Ministry announced last week, with Citigroup and UBS acting as underwriters. Ministry officials launched a road show for the issue this week, with stops in London, Frankfurt and Helsinki.
The government said it planned to use funds raised to redeem paper placed earlier, refinance loans and cover the country's budget deficit. Budget revenues for the current year are estimated at 11.8 billion litas (3.4 billion euros) and expenditures at 13.6 billion litas.
Moody's has given Lithuania an A3 long-term borrowing rating, Standard & Poor's an A- rating and Fitch a BBB+ rating.
Lithuania currently has 400 million euros' worth of 10-year eurobonds in circulation and 200 million euros in 7-year bonds.
