Egypt offering $3 billion add-ons to notes due 2022, 2027 and 2047

By Colin Hanner

Chicago, May 24 – Egypt launched $3 billion of add-ons to three sets of notes due 2022, 2027 and 2047, a market source said.

The largest of the add-ons is a $1.25 billion tap of the sovereign’s 8½% notes due Jan. 31, 2047 to yield 7.95%, tightened from 8.05%. Egypt originally priced $1.25 billion of the 30-year notes at par on Jan. 24.

The country is selling $1 billion more of its 7½% notes due Jan. 31, 2027 to yield 6.65%, tightened from 6¾%. The notes will be added to the existing $1 billion 10-year notes, which priced at par in January.

And a $750 million tap of Egypt’s 6 1/8% notes due Jan. 31, 2022 will yield 5.45%, tightening from 5½%. Egypt originally sold a $1.75 billion tranche of the five-year notes at par.

The combined size of original notes and the add-on will be $7 billion.

A market source said the books closed around $11 billion for the add-ons, skewing toward the longer-dated tranches.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.