By Rebecca Melvin
New York, Sept. 30 – The Arab Republic of Egypt priced €750 million green senior notes due 2025 (B/B+) at par to yield 5¼%, or a spread to mid-swaps of 492 basis points, according to a market source on Wednesday.
The joint bookrunners of the Rule 144A and Regulation S notes are Citigroup, Credit Agricole CIB, Deutsche Bank and HSBC.
The order books at the time of launch were more than €3.7 billion.
The proceeds will be used to finance or refinance eligible green projects in accordance with the sovereign’s green financing framework. Those may include clean transportation, renewable energy, pollution prevention and control, climate change adaptation, energy efficiency and sustainable water and wastewater management.
| Issuer: | Arab Republic of Egypt
|
| Amount: | €750 million
|
| Securities: | Green senior notes
|
| Maturity: | Oct. 6, 2025
|
| Bookrunners: | Citigroup, Credit Agricole CIB, Deutsche Bank and HSBC
|
| Coupon: | 5¼%
|
| Price: | Par
|
| Yield: | 5¼%
|
| Spread: | Mid-swaps plus 492 bps
|
| Pricing date: | Sept. 29
|
| Settlement date: | Oct. 6
|
| Ratings: | S&P: B
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
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