Egypt launches $4 billion notes in three parts tighter than guidance

By Paul A. Harris

Portland, Ore., Feb. 13 – The Arab Republic of Egypt launched a $4 billion three-tranche offering of senior notes (expected ratings B-/B) on Tuesday, according to a market source.

The Rule 144A and Regulation S offering saw all tranches launch tighter than guidance.

Included in the offering are the following:

• $1.25 billion of five-year notes launched at Treasuries plus 303 basis points, 2 bps inside of the 305 bps to 310 bps guidance;

• $1.25 billion of 10-year notes launched at Treasuries plus 373 bps, 2 bps inside of the 375 bps to 380 bps guidance; and

• $1.5 billion of 30-year notes launched at Treasuries plus 478 bps, 2 bps inside of the 480 bps to 485 bps guidance.

Citigroup, First Abu Dhabi Bank, HSBC, JPMorgan and Morgan Stanley are the bookrunners.

Morgan Stanley will bill and deliver.

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