Costa Rica had chosen Citi Global Markets and HSBC Global Banking for the placement banks and financial advisors that will accompany the country in the process of issuance of securities and management of liabilities in the international market.

The issue for up to US$1.5 billion dollars that will be made at the international level is the one that was approved in July.

In a statement last week by Ministry of Finance, it explained that it received 11 bids from different financial institutions from which Morgan Stanley, HSBC Global Banking, JP Morgan, Scotiabank, and Citi Global Markets were pre-selected.

As part of the selection process, the bidders had to present proposals for structuring the international issuance, structuring the liabilities, distribution, and marketing for the present issue, support strategy in the secondary market and accompaniment to the Government; in addition, they had to make an oral defense of the technical proposal.

The bidding period was from August 26 to September 2, 2019.

Currently, the selection and contracting of the payment agent bank and the risk rating agencies is in process.